BEIJING — China lifts its fiscal deficit target to 2.8 percent of GDP for 2019, up by 0.2 percentage points compared with 2018, says a government work report.

The report was available to the news media on the morning of March 5 ahead of the annual legislative session.

The budgetary deficit is projected at 2.76 trillion yuan (about $412 billion), with a central government deficit of 1.83 trillion yuan and a local government deficit of 930 billion yuan, according to the report.