Microfinancing helps women out of poverty

Through September 2012, the All-China Women's Federation had handed out small loans totaling 109 billion yuan ($17.5 billion) to nearly 2.4 million women across China, a senior official said on Friday.

"The federation started microfinancing to women in 2009, and it played an important role in helping women move out of poverty and contributing to society," said Cui Weiyan, director of the development department under the federation, said.

According to a survey of 7,476 rural women who received small loans in 10 provinces and regions such as Heilongjiang and Xinjiang, the income of about 84 percent of them increased thanks to the microfinancing, as it helped them start their businesses.

Nearly 98 percent of the respondents said microfinancing changed their lives.

The survey conducted by the federation showed female applicants can get a loan after 36 days on average for about 50,000 yuan.

The survey showed nearly 70 percent of the respondents hoped to receive skill training for their future careers.