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Fengshixin

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businessfinance2 years ago•1 min saved

China Ousts Gaming Official Following Market Turmoil Over New Regulations

Feng Shixin, a top Chinese official overseeing the country's video game regulation, was fired following a crackdown on video games that led to a significant market sell-off, with major companies like Tencent and NetEase losing over $80 billion in market value. The restrictions, which aimed to limit in-game spending and daily rewards, were quickly retracted after the negative market reaction. The policy reversal and Feng's firing suggest ongoing uncertainty in China's regulatory approach to the gaming industry.

via Business Insider|

##businessfinance #china

businesstechnology2 years ago•2 min saved

"China Ousts Gaming Official Amid Market Chaos and Rule Backlash"

Chinese official Feng Shixin was removed from his position at the publishing unit of the Communist Party's Publicity Department, which oversees the National Press and Publication Administration (NPPA) regulating the video game sector. This follows the announcement of proposed rules to limit video game spending, causing a significant drop in gaming stocks, including Tencent. The NPPA later indicated a willingness to adjust these rules after public backlash. The gaming industry in China is recovering from a tough period of regulatory crackdowns, with domestic revenue rising by 14% last year.

via Reuters|

##businesstechnology #china