June 22, 2009, Shanghai --- GE Capital China and All-China Women's Federation (ACWF), a prominent NGO dedicated to the advancement of Chinese women, today launched its first financial education program, "Keys To A Golden Future", which is designed to empower underprivileged women in Shanghai.
GE Capital China and ACWF signed an agreement in December 2008, to forge a three-year exclusive partnership to design and launch this first-of-its-kind financial education program in China. Following an intensive 5-month process of developing the training modules and materials, both parties selected Shanghai to be the pilot city for the program. "Keys To A Golden Future" will reach out to 1,500 underprivileged women over three years in the country.
Madam Zhang Lili, Head of Shanghai Women's Federation, Madam Li Rong, Deputy Head of Shanghai Women's Federation, Michael Barrett, President & CEO, GE Money China, as well as more than 90 students representatives and volunteers were present to witness the launching ceremony today.
Madam Zhang Lili, Head of Shanghai Women's Federation said, "This program is very much in line with the ACWF's core mission of advancing women's rights and interests by promoting gender equality. We are excited that the program is making its debut in Shanghai after five months of extensive planning and development work by GE Capital China and ACWF. By partnering with GE Capital, a world-class leader in the financial services industry, our objective is to reach out to empower Chinese women to become more financially savvy and independent."
Madam Zhang elaborated, "With a higher degree of financial literacy, Chinese women will be more effective in making better decisions that impact their lives and that of their families. This is especially relevant as women are increasingly showing more influence both at their workplaces and at home. We thank GE Capital for its commitment as a responsible corporate citizen in supporting this very important challenge of financial empowerment for women in China."
"We are honored to partner with ACWF, the leading organization dedicated to improving women's standing in society. This unique partnership is a great opportunity for GE Capital China to leverage our extensive expertise in financial services, to make a real difference in empowering women to become more financially independent. The program also provides us with a powerful platform to promote the development of a poverty-free society with equal opportunities for women over the long term," said Michael Barrett, President & CEO, GE Money China.
Mr. Barrett added, "Our experience in other countries show that financial literacy has a positive impact on the lives of women. The launch of the program today is a significant first step for underprivileged women in China, as they take proactive actions to build a better future for themselves and their families by learning about important financial concepts. With ACWF's unparalleled network and experience in China, I am confident that the program will achieve significant momentum and success."
The curriculum of the program, developed using global GE best-practices and adapted to the local needs in China, comprises four sections -- "Economics and our life", "I'm happy as long as I work", "Smart consumer" and "Family wealth management". The program will be conducted at Shanghai Women Cadre School, an affiliate of Shanghai Women's Federation. About 30 volunteers from GE Capital and ACWF will act as trainers for the program.
The program is specifically designed to benefit women between 18 -- 45 years old, and who earn less than RMB2500 (USD 365) on average per month. These women typically belong to three groups: (1) low income and insufficient basic education, (2) unemployed or laid-off workers, and (3) migrant workers from rural provinces.
The partnership with ACWF is part of GE Money's global 'Banking on Women' corporate citizenship program that seeks to empower the world's women by providing them with the knowledge and resources necessary to create opportunities for themselves and provide a better future for their families. In Asia, GE Money has reached over 16,000 women and students through its financial literacy programs for women and youths in Indonesia, the Philippines, Thailand, India and Japan since 2006.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For over 1 million businesses, we provide real estate, equipment and inventory financing; fleet services; working capital; and funds for corporate acquisitions, refinancings and restructurings. For our 130 million consumer customers, we offer credit cards, retail sales finance programs, home, car and personal loans and credit insurance.
In the Greater China region, GE Capital offers an array of financial products and services to serve the needs of both businesses and consumers. These include strategic equity investments, acquisition / restructuring funds, working capital, asset-based loans, leasing products and retail financial products and services such as credit cards. GE has over 130 years of industry expertise, and this is a unique differentiator that has provided GE Capital with key insights to provide relevant and value-added financing solutions across various industries including Aviation, Energy, Healthcare, Water Resources, Manufacturing, Construction and Information Technology.
GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at www.ge.com.
Ned Reynolds
GE Capital
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