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China plans to earmark extra funds for vulnerable groups, including the homeless, orphans and low-income families, amid the novel coronavirus epidemic, a Ministry of Finance official said on Saturday.

China will adopt various measures including mergers, acquisitions and restructuring to lower the risks of some high-risk financial institutions and even allow some of them to experiment with bankruptcy, said a senior official of the country's banking and insurance regulator.

China responded by announcing on Friday tariffs on up to billion in imports from the US, covering 128 products.

China will "fight back firmly" with comprehensive "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on more Chinese goods, the Ministry of Commerce said on Tuesday.

China now has the largest middle-income group in the world, with a population of about 400 million, and it is growing fast.