China's powerful Politburo has endorsed the ruling Communist Party's long-term strategy for growing the economy by encouraging more consumer spending and weeding out unproductive companies to promote "survival of the fittest."

A statement issued after the meeting of the 24 highest leaders of the party warned that coming months would be tough, perhaps alluding to mounting global uncertainties ahead of the U.S. presidential election in November.

Europe's economy saw modest growth in the April-June quarter even as the U.S. outperformed expectations, highlighting a persistent transatlantic growth gap. Germany, the leading European economy, remained in the dumps while hesitant consumers saved more rather than spending on new houses or cars.

Gross domestic product, the total output of goods and services, rose 0.3% in the second quarter in the 20 countries that use the euro currency, according to official figures released Tuesday by European Union statistics agency Eurostat. Germany slid back into contraction, recording a 0.1% fall in output.

The eurozone economy grew faster than expected in the second quarter, official data showed on Tuesday, confirming the single currency area's rebound since January.

The EU's official data agency said the 20-country single currency zone recorded growth of 0.3 percent over the April-June period, higher than the 0.2 percent expected by analysts surveyed by FactSet and Bloomberg.