China to raise fiscal deficit target: Premier

China will raise its fiscal deficit target to 2.76 trillion yuan, or 2.8 percent of GDP, this year from 2.6 percent in 2018.

The measure is being taken to stabilize economic growth by enlarging government spending, according to the annual Government Work Report released on Tuesday.

The report was delivered by Premier Li Keqiang at the opening of the second session of the 13th National People's Congress on Tuesday.

The policies listed in the report will be reviewed and discussed by legislators and policy advisers during the session.

As a major measure to tackle economic risks, the proactive fiscal policy in 2019 will become stronger and more efficient, Li said.

Total government expenditure is budgeted at over 23 trillion yuan, up by 6.5 percent from last year, according to the report.

To maintain stable GDP growth, monetary policy will be neither too tight nor too loose, requiring that increases of monetary supply and aggregate financing be in line with nominal GDP growth rates, said the report.

"We will refrain from using a deluge of stimulus policies," Li told participants of the opening of the session.

More targeted cuts of reserve-requirement ratios, or the amount of cash commercial banks are required to keep as reserves, will be launched this year, especially for small and medium-sized banks, to inject more funds into small and private companies, the report said.