(Yicai Global) Feb. 24 -- China's largest online travel agency Trip.Com Group has kicked off two funds sized CNY1.2 billion (USD170.7 million) in total to spur recovery in the country's tourism sector amid the new coronavirus epidemic.

Trip.Com, formerly known as Ctrip, has kicked off a CNY1 billion fund to ease suppliers' cash flow pressures, The Paper reported today. It also doubled its emergency fund to CNY200 million (USD28.4 million) on Jan. 26 to facilitate free ticket cancellations.

The Covid-19 outbreak, which has claimed 2,595 lives in China, started spreading widely just before the Chinese New Year holiday, resulting in many canceled travel bookings.

The epidemic will not affect the tourism sector in the long-term, Chief Executive Jane Sun told the same news source.

The Shanghai-based firm's finance unit has joined hands with many banks to launch targeted credit products for the sector's players such as hotels to lend more than CNY10 billion (USD14.2 billion) in total. 

The company has also started subsidizing some suppliers and drivers on its ride-hailing platform by giving them up to CNY5 (US 70 cents) for each order completed between Feb. 10 and Feb. 29.

Editor: Emmi Laine