For periodic initial data with density allowed to vanish initially, we establish the global existence of strong and weak solutions to the two-dimensional barotropic compressible Navier–Stokes equations with no restrictions on the size of initial data provided the shear viscosity is a positive constant and the bulk one is λ =ρ^β with β>4/3. These results generalize and improve the previous ones due to Vaigant–Kazhikhov [Sib. Math. J. 36 (1995) 1283–1316] who required β>3. Moreover, we also prove that the densities for both the strong and weak solutions remain bounded from above independently of time. As a consequence, it is shown that both the strong and weak solutions converge to the equilibrium state as time tends to infinity.