China approves 105 online games amid market turmoil triggered by planned restrictions – Republic World

Updated on December 25, 2023 at 07:52 pm IST

Notable games including Tencent’s “Counter War: Future” and NetEase’s “Firefly Assault” were among the games approved.

China approves 105 online games amid market turmoil

China approves 105 online games amid market turmoil | Picture:Unsplash

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In response to the significant losses suffered by investors in major game makers due to the proposed restrictions, China’s Press and Publication Administration has approved 105 new online games. The National Press and Publication Administration expressed its full support for the industry in a statement on its WeChat social media account, calling the approvals “positive signals that support the prosperity and healthy development of the online gaming industry.”

Notable games including Tencent’s “Counter War: Future” and NetEase’s “Firefly Assault” were among the games approved. The move follows the recent plunge in share prices of video game makers such as Tencent and NetEase after draft guidelines for restrictions on online gambling were unveiled last week.

The guidelines aimed to stop online games from offering incentives for daily logins or purchases, limit user top-ups and issue warnings about “irrational consumer behavior.” The proposed measures led to significant losses: NetEase’s Nasdaq-traded shares fell 16.1 percent, its Hong Kong-traded shares fell 25 percent and Tencent closed 12 percent lower. Overall, companies in the industry suffered market value losses amounting to tens of billions of dollars.

The Press and Publication Administration emphasized that the 105 approved games are a positive step in supporting the prosperity and healthy development of the industry. In 2023, 1,075 game version numbers were issued, of which 977 were domestically produced and 98 were imported.

Citing the “China Game Industry Report 2023,” the government highlighted that the domestic online gaming market’s revenue exceeded 300 billion yuan ($42 billion) in 2023, and 668 million people played the games. The Game Working Committee encouraged member units to seize the opportunity to bring more high-quality products to the market and contribute to China’s cultural prosperity and development. The committee’s move aims to promote a culturally strong country by promoting high-quality development in the online gaming industry.

China has taken various measures against the online gaming sector in recent years, including limits on the amount of time children can spend playing and a temporary suspension of approval of new video games.

(With contributions from Associated Press.)

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