BEIJING, Dec 27 Reuters China will step up financial support to small and private businesses in the catering and tourism sectors that were hit hard by the COVID19 epidemic, the country39;s banking and insurance regulator said in a statement on Tuesday.

Contactintensive services sector suffered the most amid China39;s antivirus curbs which shut many restaurants down and restricted tourists39; travels.

After the National Health Commission on Monday announced China would end quarantine requirements for inbound travellers from Jan. 8, some people flocked to travel sites on Tuesday ahead of borders reopening.

The recovery and expansion of consumption will be a priority, China Banking and Insurance Regulatory Commission CBIRC said in the statement.

The purchase of bigticket items such as new energy vehicles and green home appliances will be encouraged, CBIRC said.

China will also step up financial support for private investment and private enterprises, the regulator added.

Retail sales, a key gauge of consumption, fell 5.9 in November amid broadbased weakness in the services sector, which was the biggest contraction since May when commercial hub Shanghai was under lockdown.

Policymakers have set out plans to expand domestic consumption and investment following the relaxation of stringent COVIDrelated restrictions and subsequent surge of infections.

Amid protracted weakness in the property sector, the CBIRC pledged to satisfy reasonable financing needs and to improve…