The Best Reads of the Week From Caixin

Big news for foreign companies this week. The Ministry of Finance said they will be allowed to own a majority stake — up to 51% — of any joint venture in the securities, funds and futures industries, although it is not known when the change might take effect.

China has imposed fresh curbs on the online microlending industry, which has ballooned to more than 1 trillion yuan ($151 billion). Local authorities are freezing new licenses temporarily, while the central bank and the banking regulator just concluded an emergency meeting with microlenders, and may soon unveil more measures to rope in the rapidly growing sector.

A general version of Skype is no longer available on Apple’s China app store, although a business version is still present. Apple said it was notified by the Ministry of Public Security that it violated local rules. It is the latest of a recent string of similar actions by Beijing against offshore-based messaging and telecoms services.

The local government-backed bike-rental service in the capital of Hubei province has announced it will shut down in the face of competition from the shared bikes that have flooded into cities across China.

Yet another complaint of alleged abuse of young students has surfaced in China. This time, it was a kindergarten in Beijing run by New York-listed RYB Education Institution. Some parents said they found needle marks on their children, as well as other accusations. Three teachers have been suspended.

These are five stories that I don’t want you to miss. Please share your comments on The Weekender section and on our other coverage at news@caixin.com.

And when you’re done perusing these must-read stories, check out Caixin’s weekly digital magazine.

Kind regards,

Deb Price

Managing editor, Caixin Global

China to Roll Out Red Carpet for Foreign Financial Firms

Beijing vows to lift cap on overseas stakes, but experts say more should be done

Skyscrapers in the Lujiazui Financial District overlook the bund in Shanghai on Sept. 4. Photo: Visual China

Top Regulators Discuss More Tightening Over Microlenders

Central regulators discuss rollout of national rules to govern high-growth but risk-prone sector

As of September, more than 8,600 microlenders were operating in the county, with total outstanding loans worth 970.4 billion yuan ($146.1 billion). Only about 220 companies had licenses for online microlending. Photo: Visual China

Apple Hangs Up on Skype in China

Popular chatting service gets kicked off iPhone-maker’s China app store due to rule violations

A media analyst told Caixin that the action against Skype is a "small yet unfortunate retreat from China’s aspirations for a more globalized society.” Photo: Visual China

Wheels Fall Off Wuhan’s Government-Backed Bikes

Rental service to shut down after 700,000 shared bikes flood city’s streets

Wuhan Huantou says its has operated 40,000 bikes and provided 60 million rides since taking over Wuhan's city government-backed bike-rental service in 2014. Photo: IC

Needle Marks Found on Toddlers at Beijing Kindergarten

Police confirm eight children have jab marks and say they are investigating complaints that students were given “white pills”

Parents and reporters crowd together Thursday outside the Beijing kindergarten accused of abusing children. The company that runs the facility directly operated 80 kindergartens and franchised another 175 preschools, in 130 cities and towns across China, as of June 30. Photo: Caixin