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CHINA SHIFTS STANCE ON GAMING INDUSTRY POST $80B MARKET TURMOIL
The Business Guardian
|January 23, 2024
On Monday, China allowed 105 domestic games, marking the most recent indication that Beijing is adopting a more lenient stance in response to an $80 billion market downturn last week triggered by its attempts to enhance industry regulations.
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In a surprising turn of events, China approved 105 domestic games on Monday, signaling a potential shift in its regulatory stance on the gaming industry. This move comes on the heels of Beijing's recent tightening of industry restrictions, which resulted in an $80 billion market rout last week. Notably, the approved titles include those operated by Tencent Holdings Ltd. and NetEase Inc., China's two leading game publishers that were adversely affected by the stringent regulations.
The announcement of these approvals was met with relief by industry insiders and investors, who have been closely monitoring Beijing's regulatory moves in the tech and gaming sectors. An industry association emphasized in a post on WeChat, later republished by the official Xinhua news agency, that the approvals demonstrate the Chinese authorities' support for the development of online gaming.
This story is from the January 23, 2024 edition of The Business Guardian.
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