Core Viewpoint - The Chinese government is focusing on strengthening local fiscal "three guarantees" to effectively respond to the impacts of the COVID-19 pandemic, emphasizing the need for proactive fiscal policies and targeted measures to support economic recovery [2][4]. Group 1: Fiscal Policy Measures - The Ministry of Finance will ensure the execution of existing policies to support economic recovery, with timely fund allocation and transfer payments being highlighted as effective [4]. - There will be a focus on industries and sectors severely affected by the pandemic, with plans to introduce targeted measures and optimize expenditure structures [4]. - The government aims to implement both short-term and long-term measures aligned with supply-side structural reforms to promote high-quality economic development [4]. Group 2: Economic Outlook - The relationship between fiscal revenue and economic performance is emphasized, with the potential for economic recovery and fiscal balance as the pandemic situation improves [4]. - The determination of fiscal deficits will consider various factors, including economic conditions and macroeconomic controls, and will undergo legal procedures such as review by the National People's Congress [5].