Firm Partners with China Foundation for Poverty Alleviation in Support of Small Business Development
Beijing – JPMorgan Chase & Co. today announced a philanthropic program, partnering with China Foundation for Poverty Alleviation (CFPA) in support of the growth and expansion of Beijing Zhong He Nong Dao Technology Ltd (ZHND), a social enterprise established by CFPA.
ZHND was set up in 2015 with the aim to increase the competitiveness and revenues generation of the low income micro-entrepreneurs by improving the quality of their agricultural products and leveraging e-commerce platforms to expand their distribution channels.
“With the support of JPMorgan Chase & Co., ZHND will further enhance its capabilities in order to benefit a broader group of micro entrepreneurs and their businesses in the rural areas.” Jun Wang, Vice Secretary-General of CFPA said.
“We are delighted to partner with CFPA on this innovative program in support of small business development in China. We believe this program will help empower the micro entrepreneurs in Sichuan Ya’an by strengthening their product quality and their distribution channels. More importantly, we expect to see the replication of this pilot program across the country, contributing to China’s economic development and poverty alleviation efforts over the long run,” David Li, Chairman and CEO of J.P. Morgan China said.
“The partnership with CFPA again demonstrates our firm’s long term commitment to China and its social and economic development,” Li added.
With the support of JPMorgan Chase & Co., CFPA plans to expand its current network of ZHND project sites from 15 to 100 to cover more than 120,000 people in rural areas in three years.
The partnership with CFPA marks JPMorgan Chase & Co.’s ongoing efforts to support small business development via philanthropic contribution in China.
Last year, the firm partnered with the Non Profit Incubator (NPI) and the Ai You Foundation in support of their training and development programs, benefiting a total of more than 30 selected social enterprises.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About J.P. Morgan China
J.P. Morgan has been doing business in China since 1921. J.P. Morgan’s services include corporate and investment banking, commercial banking, treasury services, markets, investor services and asset management. Today, the firm serves Chinese and international corporations, financial institutions and government agencies through our network in Beijing, Shanghai, Tianjin, Guangzhou, Chengdu, Harbin, Suzhou, Shenzhen and Zhongshan.