The final steel girder of the main channel bridge of the Changtai Yangtze River Bridge, which connects the cities of Changzhou and Taixing in East China's Jiangsu Province, fits in place on May 29, 2024. It is the world's longest span cable-stayed bridge with a main span of 388 meters. After 16 months of construction, the highway-railway dual-purpose bridge is expected to achieve full closure in early June. Photo: VCG

A large number of major projects have made fresh progress in recent days, with a demonstrated edge in China's manufacturing capability and capacity, paving the way for the world's second-largest economy to post sound economic data for May, Chinese analysts said on Monday.

Major projects from super-size bridges and canals to offshore wind farms and undersea tunnels have made fresh progress, according to a report by state broadcaster CCTV over the weekend. Chinese analysts said that the large-scale investment happening across Chinese provinces, together with the robust performance of the manufacturing sector, is set to boost the country's overall economic performance for May.

Construction of Asia's first cylindrical floating production, storage and offloading facility, the Haikui No.1, approached completion after the successful connection of its 12th mooring cable at the Liuhua oilfield in the Pearl River Mouth Basin in the South China Sea, Chinese oil major China National Offshore Oil Corp said in a statement it sent to the Global Times on Monday. Eyeing operation within the year, the facility is set to produce up to 5,600 tons of crude oil per day.

On Sunday, welders finally joined the span over the main shipping course of the Changzhou-Taizhou Yangtze River Bridge in East China's Jiangsu Province, one of the world's largest span steel truss arch bridges, a milestone for the project that started five years ago.

The Zhanghe irrigation area upgrade project (first phase) in Central China's Hubei Province has entered its final stage, with completion set for August, according to CCTV. The project can restore irrigation to 7,320 hectares of farmland.

Also, data released recently by the China National Light Industry Council showed that China's light industries achieved operating revenue of nearly 7 trillion yuan ($970 billion) during the January-April period, up 2.6 percent year-on-year. The profit growth rate reached 20.8 percent, providing solid support to industrial growth and the economic recovery.

Experts said that the steady expansion of the economy, underpinned by targeted policy support, offered a strong rebuke to Western naysayers who tried to claim that the Chinese economy is in trouble.

Hu Qimu, a deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Monday that multiple indicators have shown that the Chinese economy has a firm footing in its recovery track.

"The implementation of the central government's fiscal and monetary support, as well as improved market sentiment since April, have indicated a persistent recovery trend," Hu said, predicting industrial output data in May will be roughly in the same range as in April.

China is due to report industrial production, retail sales and fixed-asset investment data on June 17, according to the National Bureau of Statistics (NBS).

In April, industrial production jumped well above market expectations with growth of 5.5 percent to a 6.7 percent year-on-year increase, up from 4.5 percent in March, NBS data showed on May 17. The value-added of high-end manufacturing expanded 11.3 percent year-on-year.

Hu cited a strong recovery in the market sentiment of the private sector, the growth potential in the middle and western provinces and the easing of confidence woes stemming from a correction of the property sector.

Analysts said that high volumes of investment in infrastructure have underpinned economic growth year-to-date, with projects tapping the 1 trillion yuan in treasury bonds issued late 2023 being transformed into actual projects on the ground in the initial months of 2024. The issuance of ultra-long government bonds and the implementation of billions of dollars' worth of equipment upgrades and trade-in programs in May is set to sustain the trend and further strengthen it.

Zhou Maohua, an economist at China Everbright Bank, told the Global Times on Monday that the recovery of the domestic economy is only at its initial stage and there is still plenty of room for new growth impetus.

The relatively low inventory levels of manufacturers around the world mean that China's manufacturing sector still has room for stellar growth, Zhou said, noting that the economy could stage a mild recovery that lasts longer than previously anticipated.