News
China’s factory output improves, offering hope of easing economic slowdown
China’s factories picked up their pace and retail sales also gained momentum in August, according to government data, suggesting the economy may be gradually recovering from its post-pandemic malaise.
However, despite busy activity in restaurants and stores, the figures released on Friday showed continuing weakness in the all-important property sector, where real estate developers are struggling to repay heavy loads of debt in a time of slack demand.
Investment in real estate fell 8.8 percent in August from the year before. The decline has been worsening since the beginning of the year.
Acting to relieve the burden on banks, the People’s Bank of China, or central bank, announced late on Thursday that the reserve requirement for most lenders would be cut by 0.25 percentage points as of Friday
That would free up more money for lending, “in order to consolidate the foundation for economic recovery and maintain reasonable and sufficient liquidity,” the central bank said.
Friday’s report showed retail sales rose 4.6 percent in August from a year earlier, with auto sales climbing 5.1 percent. Retail sales rose a meagre 2.5 percent in July.
Consumers grew more cautious about spending in the past year, even as China loosened stringent policies to contain outbreaks of COVID-19.
“Overall, in August, major indicators improved marginally, the national economy recovered, high-quality development was solidly advanced, and positive factors accumulated,” Fu Linghui, spokesperson for the National Bureau of Statistics, told reporters.
But Fu added that there were “still many external factors of instability and uncertainty” and that domestic demand remains weak, so that “the foundation for economic recovery still needs to be consolidated”.
The trends in August were somewhat better than expected, Julian Evans-Pritchard of Capital Economics said in a report.
“Fiscal support shored up investment but the real bright spot was a healthy pick-up in consumer spending, suggesting that households may be turning slightly less cautious,” he said.
China’s economy expanded by 0.8 percent in the three months ending in June compared with the previous quarter, down from 2.2 percent in January-March. That is equivalent to a 3.2 percent annual rate, which would be among the weakest pace in decades.
The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) sources said that plans were afoot to file charges in connection with 15 major fraud and corruption cases in the near future.
The Commission sources said that these cases stem from thorough investigations into complaints that had previously gone unexamined, with recent file reviews prompting the decision to proceed with legal action. The forthcoming charges are based on detailed inquiries that uncovered substantial evidence pointing to serious misconduct.
To date, CIABOC has initiated inquiries into over 300 complaints received during the recent period, reflecting an expanded commitment to tackling corruption at multiple levels of governance.
Commission sources said that several former ministers and political affiliates from past administrations are among those implicated in the ongoing investigations, though specific names have yet to be disclosed.
Despite global shifts toward digital transactions, Cash on Delivery (COD) remains the dominant payment method for online shopping in Sri Lanka, according to the Digital Outlook Sri Lanka 2025 Report by the Asia Pacific Institute of Digital Marketing (APIDM) and the University of Kelaniya.
The report reveals that 52 percent of Sri Lankan online shoppers prefer COD, up from 48 percent in the previous year, underscoring persistent consumer caution toward digital payments.
While debit/credit card usage has dipped slightly to 35 percent (from 39.5 percent last year), newer digital payment methods such as e-wallets/e-money apps lag at 1 percent or less. Installment-based “Buy Now, Pay Later” options account for 3 percent, reflecting modest traction. Online bank transfers, meanwhile, accounted for 8 percent (down from 9 percent last year).(aayubo.com)
The Ministry of Education, Higher Education, and Vocational Education has launched a recruitment initiative aimed at addressing critical shortages in university academic staff across the country.
Deputy Minister Dr. Madura Seneviratne said that the recruitment process is being implemented at the university level to ensure that pressing needs are addressed efficiently and in alignment with institutional priorities.
The move comes in response to growing concerns raised by the Federation of University Teachers’ Associations (FUTA), which has pointed out that nearly 2,000 essential faculty positions remain unfilled across the country’s public universities, potentially impacting the quality of higher education and research output.Deputy Minister Seneviratne said that the recruitment process will be prioritized based on the urgency and significance of vacancies within individual universities and departments.
By Chaminda Silva
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