JAKARTA, July 21 (Xinhua) -- Indonesia's House of Representatives on Tuesday passed a law to establish the Indonesia International Financial Center, aiming to attract long-term foreign capital and bolster national economic growth.

According to Mohamad Hekal, deputy head of Parliament's financial commission, the new legislation targets global financial powerhouses, focusing on investment banking, wealth management, as well as aircraft and ship leasing sectors.

The center is designed to encourage long-term foreign direct investment, reducing the country's vulnerability to sudden capital outflows, local media reported.

Finance Minister Purbaya Yudhi Sadewa earlier said Indonesia needs a deeper, more innovative, efficient and internationally integrated financial sector to navigate increasingly complex global economic conditions.