People stand by an electronic stock board of a securities firm in Tokyo, Monday, Oct. 19, 2020. Shares advanced in Asia on…
People stand by an electronic stock board of a securities firm in Tokyo, Oct. 19, 2020. Shares advanced in Asia on Monday after China reported its economy grew at a 4.9% annual pace in the last quarter.

China’s economy grew 4.9% for the three months between July and September, providing further evidence that the world’s second-largest economy is rapidly recovering from the worst of the coronavirus pandemic. 

The 4.9% growth in the third quarter of 2020 was better than 3.2% posted in the period between April and June, according to figures released Monday by the government’s National Bureau of Statistics.   

Meanwhile, China’s industrial output rose 6.9% in September, while retail sales expanded 3.3% for the same month.  

The statistics bureau said last week that China’s exports rose 9.9% in September compared to a year ago, and a significant increase from the 9.4% figure posted in August. Analysts say the rise in exports was spurred by global demand for Chinese-made personal protective gear and other medical supplies to curb the spread of COVID-19. 

China’s economy was the first in the world affected by the outbreak of the novel coronavirus, which was first detected late last year in the central city of Wuhan.