China will cut social security payment requirements to lower the burden on businesses, and increase efforts to stabilize employment, Premier Li Keqiang said on Monday.

"The government will support various localities, in light of their local conditions, to reduce contributions to the five major insurance programs and housing provident funds," Li said at a forum in Beijing on the national economic situation.

He added that this will be conducted "in a step-by-step fashion and under a unified national framework".