BEIJING -- Chinese lawmakers on Tuesday began deliberating a new draft revision to the National Defense Law, proposing safeguarding the rights and interests of investors in the national defense sector.

The draft revision was submitted to the ongoing session of the Standing Committee of the National People's Congress for a second reading.

The draft stipulates that the country encourages and supports eligible citizens and enterprises to make investments in the national defense sector, guarantees their legitimate rights and interests, and provides them with preferential policies according to the law.

The draft also proposes that national defense asset management institutions, or those who possess or use national defense assets, should report to authorities for approval before repurposing or disposing of assets that no longer serve national defense purposes.