Abstract: Japan's employment adjustment subsidy system, based on the long-term employmentsystem, is essentially a socialized sharing mechanism of employers' operating risks (wage payment risks). It has effectively achieved the purpose of reducing employers' operating costs and ensuring workers' economic security in previous crises. The job stabilization subsidy in the existing unemployment insurance system in China can't strike a balance between reducing employers' operating costs and ensuring workers' economic security. The protection of workers is obviously weak. According to the actual situation in our country, it is necessary to learn from Japan's employment adjustment subsidy system, and build a set of socialized sharing mechanism of wage payment risk suitable for China from the aspects of payment conditions, payment standards and financial sources, so as to improve the existing system of unemployment insurance to prevent unemployment.