China to step up financial support to COVID-hit catering, tourism sectors

China will step up support to small and private businesses in the catering and tourism sectors that were hit hard by the COVID-19 epidemic, the country's banking and insurance regulator said in a statement on Tuesday.

The recovery of consumption will be a priority, the regulator said. The purchase of big-ticket items such as new energy vehicles and green home appliances will also be encouraged, it said in the statement.