J.P. Morgan Partners with China Social Entrepreneur Foundation in Support of Women’s Development in China’s Poverty Stricken Areas
J.P. Morgan today announced, in collaboration with China Social Entrepreneur Foundation (CSEF), the launch of the Power Up Women Program. This initiative will provide E-Commerce skills training and financial coaching to support low-income women in achieving financial independence by helping them find job opportunities or starting their own businesses in the E-commerce sector. It will also help them better manage their personal finances through effective coaching and education.
“By expanding demand-driven skills training and financial coaching programs, we expect this new initiative to not only provide participants with access to quality jobs and income opportunities, but also to help them better manage their personal finances, which in turn will improve the financial wellness of their families and the local communities in the long run,” said Mark Leung, CEO of J.P. Morgan China.
“Over the next 16 months we expect 1,600 underprivileged women across five provinces, including Gansu, Anhui, Sichuan, Hebei and Guizhou, to benefit from the Power Up Women program. J.P. Morgan is committed to initiatives like these and we believe our efforts to strengthen communities through philanthropic programs are a demonstration of the firm’s commitment to this critical market, where we have been for close to a century,” Leung added.
According to the China Population and Employment Statistics Year Book 2017, among the population aged above 15 years’ old, female’s illiteracy rates reached 7.89%, compared with 2.74% within the male population. Limited education opportunities have resulted in an acute skills shortfall among women in poverty-stricken or less developed areas.
“Women are a critical force in China’s poverty alleviation and rural vitalization. We believe our program will provide them with better job opportunities, so increasing their income and improving their family finances. With the support of J.P. Morgan, we will continue to enhance the program in order to accelerate the development of low-income women and the economy in local communities,” said Dr. Tang Min, Deputy Director of CSEF.
This is the third partnership between J.P. Morgan and CSEF. In 2016, the two parties launched a program to provide E-Commerce skills training for over 500 young people from five poverty stricken counties in Sichuan and Hebei provinces, which achieved an overall employment rate of 70% among the participants. In 2018, a new cross-border E-Commerce worker training program was launched to provide high-quality E-Commerce skills training to 350 vocational college students. Out of the 282 participants who have completed the training so far, over 90% have obtained either an internship or a fulltime job in this sector.
China is a strategically important market for J.P. Morgan globally. Over the last 5 years, the firm has been supporting programs and initiatives that have benefited more than 170,000 people in China, focusing on improving workforce readiness, boosting small businesses, creating new opportunities for young people and disadvantaged communities, and contributing to China’s goal of eliminating poverty by 2020 through supporting multiple targeted poverty alleviation programs.