Wuhan has introduced new policies to boost employment, set to take effect on Oct 25 and last for five years, according to a report by People's Daily.

The newly issued measures include policies dedicated to helping college graduates start their first ventures. Eligible graduates can receive startup loans of up to 300,000 yuan ($42,420) as individuals, while qualified small and micro-enterprises can access loans of up to 5 million yuan. Those who transform from self-employed individuals to small and low-profit enterprises will be eligible for a reduced taxable income rate of 25 percent.

The city will establish innovation hubs and entrepreneurial districts, providing annual grants of up to 150,000 yuan for not more than five years to support qualified business incubators. Additionally, university startup teams will have access to 30 percent of the space in government-funded entrepreneurship centers rent-free.

Preferential policies will help upgrade traditional industries and foster emerging industries to create more job opportunities. Companies that rank among the top 30 employers of college graduates will receive financial rewards ranging from 100,000 to 300,000 yuan.

Other policies comprise subsidy packages for universities and all social groups aiming to promote more job training programs for graduates and help people registered as unemployed in the city.

Liu Boqian contributed to the story.