China Needs to Further 'Pump Blood' to Save Businesses: Daily

China needs to increase policies to support businesses beset by "dire" economic conditions including the pandemic, flooding and rising costs of raw materials, the Economic Daily said in an editorial. The government should steadily "pump blood" to help companies survive, stabilize expectations with the key measure being cutting taxes and fees, the official newspaper said. Numbered over 150 million, small businesses, or the so-called market entities, employ over 700 million, and are the backbone of the economy, said the newspaper. Authorities should continue to prod financial institutions to apportion more profits to businesses and lower their capital costs, said the daily.