BEIJING, Nov. 11 (Xinhua) -- China's top legislature on Wednesday adopted a new law to strengthen protection over the legitimate rights of veterans.

Lawmakers approved the law on support for veterans at the 23rd session of the Standing Committee of the 13th National People's Congress (NPC), which concluded Wednesday.

The law stipulates that it is the common responsibility of the whole society to respect and care for demobilized military personnel, and the veterans can enjoy the benefits of preferential financing policies such as discount interest on loans if they start small or micro businesses.

The law required establishing a national mechanism to ensure special preferential treatment to veterans who participated in wars.

The law also has provisions on the different settlement measures for demobilized military officers, non-commissioned officers, and soldiers.

The law will take effect on Jan. 1, 2021.