China will step up fiscal spending and roll out more tax relief policies to support the country's fight against the novel coronavirus epidemic, the Ministry of Finance said on Feb 7.

The nation has implemented measures including reducing companies' loan interest burden, tariff exemption for imported medical goods, tax and fee reduction or exemption for companies and individuals in affected sectors, including logistics, transportation, catering, tourism, delivery and airlines.

The measures are aimed at addressing the shortage of medical supplies in some regions, alleviate financial burden on sectors at the frontline of battling the epidemic, ensure cash flow of businesses that are hit by the epidemic, and offer financial support to doctors, patients and individuals whose lives are affected by the outbreak, Vice-Finance Minister Yu Weiping said during a news conference in Beijing.

A total of 66.74 billion yuan ($9.56 billion) has been allocated for epidemic prevention and control by the central and local government departments as of Feb 6 and 28.48 billion yuan has been already spent, according to the ministry.

The central government has allocated 17.09 billion yuan including a special fund of 5.7 billion yuan for epidemic control and prevention which covers the subsidy of 1.8 billion yuan for Hubei province, the epicenter of the novel coronavirus epidemic, and funds of 9.95 billion yuan for basic public health services.

Yu said that the government will offer more cuts in loan interest amount owed by companies to ensure the real corporate financing cost is below 1.6 percent. Companies in sectors including transportation, catering, accommodation and tourism will be allowed to carry over their losses logged this year to an extended period of eight years for deduction from their pretax profits.

Taxpayers that provide logistics, public transportation and delivery services as well as services related to daily life necessities will be exempted from the value-added tax. The ministry also waived airlines' payment to the national civil aviation development fund to help them cope with possible losses due to the epidemic.

Meanwhile, the government will cover 60 percent of the treatment costs for diagnosed patients and provide subsidies for suspected patients. For people diagnosed with the novel coronavirus, their personal business guarantee loan can be extended for one year and they will continue to enjoy the fiscal discount policy.

Asked about how the fight against the epidemic will affect China's fiscal deficit this year, Yu said that the government has taken uncertain factors into consideration for its budget deficit this year and it can guarantee the expenditure on the epidemic prevention and control.

"The novel coronavirus outbreak will have a certain impact on the economy. But it will not change the long-term trend of stable economic growth with improved quality," he said, adding that the government is confident of meeting its fiscal targets this year despite the ongoing epidemic.