China fires official after row over video game rules
- January 2, 2024
- 0
China fired official from the government body that oversees the press and publishing regulator, five sources briefed on the matter said: days after Chinese gaming stocks were hit
China fired official from the government body that oversees the press and publishing regulator, five sources briefed on the matter said: days after Chinese gaming stocks were hit by proposed rules to curb spending on video games.
Feng Shixin Last week he was removed from his post as head of the publications department of the Communist Party’s advertising department, the sources said. This department is overseen by the National Press and Publication Authority. (NPPA)which in turn regulates a vast sector video games in China.
China’s State Council Information Office, which handles media inquiries on behalf of the Chinese government, including personnel matters, did not immediately respond to a request for comment and Reuters He was unable to obtain Feng’s contact information to get his side of the story.
Five sources said that The layoffs were related to rules the NPPA announced last month that sent shares of the video game sector’s largest stock plummeting. around the world, including industry giant Tencent 0700.HK.
The sources declined to be named because authorities have not yet officially announced Feng’s departure.
In recent years, Feng has represented the Chinese government at events discussing government efforts to regulate the industry, including requirements for game approval and real-name verification of players. Reuters He could not determine how long he had been in his current position.
Measures proposed by the NPPA that They are looking to stop spending and using rewards that encourage playing video games.raised fears that authorities would again take decisive action against the sector and They eliminated almost $80 billion. market value of China’s two largest gaming companies.
You might be interested > China bans minors under 18 from playing video games more than 3 hours a week
Analysts also said the plans bring the risks of potential regulatory changes back to the forefront of investors’ minds, undermining confidence at a time when Beijing is trying to spur private sector investment to boost a faltering slowing economy.
China will cut spending on video games; Shares of Tencent and NetEase fell sharply.
Reuters
Source: Aristegui Noticias
As an experienced journalist and author, Mary has been reporting on the latest news and trends for over 5 years. With a passion for uncovering the stories behind the headlines, Mary has earned a reputation as a trusted voice in the world of journalism. Her writing style is insightful, engaging and thought-provoking, as she takes a deep dive into the most pressing issues of our time.
