BEIJING - China will step up policy support for foreign trade and foreign investment amid the worldwide spread of the novel coronavirus and a slump in the global economy, the cabinet said on Wednesday.

The government will provide financial support for key foreign-funded firms and expand export credit to smaller foreign trade companies, the cabinet said in a statement on its website.

It will also encourage foreign firms to set up research and development centres in China, it said.

(Reporting by Kevin Yao and Judy Hua; Editing by Toby Chopra) ((judy.hua@thomsonreuters.com; 8610-6627 1297; Reuters Messaging: judy.hua.thomsonreuters.com@reuters.net))