China will establish a state social security fund as a "strategic reserve," according to the country's first-ever draft law on social insurance submitted to the ongoing session of China's top legislature for its third reading.

The state security fund will be financed by the central government budget and other funds granted by the State Council, or China's cabinet, and should be used as a supplement for social security expenditure, the draft law said.

The fund should make public its income and expenses, management processes and investment, it said.

The draft law, revised after its second reading last December to take into account public submissions, specified a common right for all citizens to pay premiums and enjoy old-age pensions and insurance for medical care, work injuries, unemployment and childbirth.

More than 70,000 submissions have been received since the draft law was open to public comment a year ago, according to the National People's Congress (NPC) Standing Committee.

The revised draft law also highlighted individuals and employment units that pay social insurance fees according to the law should have the right to inquire about their payment records.

China has established several policies concerning social welfare since 1984. As of 2008, about 219 million people have pensions and about 317 million have basic medical insurance. An additional 124 million have unemployment insurance, 138 million have work injury insurance and 91 million have childbirth insurance.