BEIJING, June 23 (Xinhua) -- Chinese lawmakers are reviewing for the first time a draft financial law, which focuses on strengthening regulation, preventing risks, and promoting high-quality development.

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. (Photo: Xinhua)

The draft was deliberated on Tuesday at the ongoing session of the Standing Committee of the National People's Congress, the national legislature, for its first reading.

A fundamental, comprehensive, and overarching piece of legislation for the financial sector, the draft law balances development and security while addressing legal challenges that constrain high-quality growth in the financial sector.