Shares advanced in Asia on Monday after China reported its economy grew at a 4.9% annual pace in the last quarter, with consumer spending and industrial production rising to pre-pandemic levels.
Japan’s Nikkei 225 led the gains, adding more than 1% by midday. China was the first country to suffer coronavirus outbreaks and the first to emerge from the pandemic and begin reopening its economy.
After contracting 6.8% in the first quarter of this year the economy grew 3.2% in the April-June quarter. The 2.7% quarterly expansion was weaker than expected.
Still, the recovery of Asia's largest economy is good news for other countries that rely heavily on trade with China, including Japan.