A dramatic rise in new investment projects in China could strengthen the hand of those who believe the world’s second-largest economy is poised for a rebound. Much of the economic data from China of late has been disappointing, with industrial activity, retail sales and trade figures all on the soft side.

This ties in with the Communist party’s own forecast that economic growth will be between 6.5 and 7 per cent this year, suggesting the likelihood of further moderation from the 6.9 per cent rate officially registered in 2015, the weakest pace of growth since 1990.

Yet the data on new projects are so robust that economists at JPMorgan are standing by their forecasts that economic growth will pick up from an estimated seasonally adjusted year-on-year rate of 6.2 per cent in the first quarter of 2016 to 6.7 per cent in the second quarter, despite the avalanche of soft data emanating from other sectors.