BEIJING -- China has unveiled a draft law on financial stability, which is open for public opinions starting from Wednesday, the central bank said.

The draft, jointly compiled by the People's Bank of China (PBOC) and other relevant authorities, clarified the responsibilities of the mechanism for coordinating national financial stability and development, the PBOC said.

It also proposed to set up a guarantee fund for financial stability, the PBOC said.

The draft aims to establish and improve an efficient, authoritative and well-coordinated working mechanism for financial stability, further strengthen the financial safety net and firmly forestall systemic risks, the PBOC said.

The PBOC, together with relevant authorities, will further revise and improve the draft law, and actively cooperate with the legislature to advance the follow-up work in accordance with the legislative procedures.