This aerial photo taken on Dec. 31, 2023 shows a large-scale wind power project in Nagqu City, southwest China's Xizang Autonomous Region. (Photo: Xinhua)

As the clock ticked into 2024, several Chinese provinces including East China's Anhui and Central China's Hunan began a new round of construction of major projects, signaling a robust start to the new year. The growth in investment brought an encouraging sign for economic growth.

Analysts told the Global Times on Thursday that this development laid a solid foundation for investment in 2024, and these new projects are expected to generate significant economic benefits and jobs, and ramp up investment that will drive economic growth.

On Tuesday, Anhui held a groundbreaking ceremony for the Hefei-Wuhan High-Speed Railway, along with the first batch of major projects for 2024. So far, 460 major projects have been launched in the province, with a total investment of 489.63 billion yuan ($68.5 billion).

These projects range from infrastructure to emerging industries and include 33 projects with an investment of more than 3 billion yuan.

Insufficient investment in 2023 hindered economic development in China, but the situation improved at the end of the year. With improving development expectations and new policies conducive to industrial development, investment is expected to further increase this year, Tian Yun, a veteran economist based in Beijing, told the Global Times on Thursday.

"I am most optimistic about the energy sector this year," Tian said. "As an emerging industry, it has shown promising growth momentum and proven to have the potential to inject vitality into China's economic growth."

Hunan Province started on Wednesday work on 11 major projects with a combined investment of 87.2 billion yuan.

Emerging industries are playing a pivotal role in driving investments. Among the 460 projects initiated in Anhui, 253 are in emerging industries, including new-energy vehicles, smart grids, advanced photovoltaic systems and new materials, with total investment of 247.66 billion yuan. 

All across China, regions are gearing up for a strong start to the new year, with a focus on emerging industries.

In Xiamen, East China's Fujian Province, 25 of the 63 newly launched projects are related to industries such as new energy, new materials and biomedicine, making up 39.68 percent of the total.

Central China's Henan Province on Monday announced policies to promote a robust economic start to the first quarter, with 100 projects each worth of 10 billion yuan in investment.

"I expect a rise in investment can provide the impetus to achieve 5 percent GDP growth for China in 2024," said Tian.