The nation unveiled new measures on Wednesday to stabilise employment, including expanded social insurance subsidies, special loans and targeted support for young people looking for jobs.

Local governments in some regions will raise unemployment insurance refund rates for small firms to a maximum of 90 percent from 60 percent and for large firms to 50 percent from 30 percent, according to a notice issued by the State Council.

Firms facing operational difficulties may apply to defer contributions to pension, unemployment and work injury insurance.

"Local governments and departments must take political responsibility for stabilising employment, track policy implementation, and introduce new measures promptly," the cabinet said.

Authorities will also roll out incremental policies according to changes in the employment situation, it said.

Firms hiring unemployed youths aged 16 to 24 under contracts and paying full insurance for at least three months may receive a one-time subsidy of up to 1,500 yuan per person, the cabinet said.

Local governments should expand access to vocational education by allowing unemployed youth and migrant workers to enroll in technical schools, with relaxed age restrictions, it added. (Reuters)