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.