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China Permits 105 Internet Games After Draft Restrictions Cause Big Losses.

The president of China announced that his country will cancel interest free laons to African nations

The President of China

After planned kerbs caused large losses for investors in big game manufacturers last week, China’s press and publications regulator has approved 105 new online games, stating it fully supports the industry.

The National Press and Publication Administration said in a statement on its WeChat social media account Monday that the approvals by China Music and Digital Association’s Game Working Committee were “positive signals that support the prosperity and healthy development of the online game industry.”

Draft guidelines for curbing online gaming drove share prices of video game companies such as Tencent and Netease to plummet on Friday, resulting in tens of billions of dollars in losses and pulling Chinese benchmarks lower.

According to the administration’s instructions, online games will be prohibited from offering rewards for daily log-ins or purchases. Other limitations include limiting the amount of time users can recharge and provide warnings for “irrational consumption behavior.”

Netease’s Nasdaq-listed shares plunged 16.1% on Friday, while its Hong Kong-listed shares fell 25%. Tencent’s stock finished 12% down. Huya Inc., a smaller maker of online games, fell 10.7% on the New York Stock Exchange. In total, the companies’ market worth dropped by tens of billions of dollars. The Hong Kong stock exchange was closed on Monday for the Christmas holiday. In Shanghai, stock prices remained unchanged.

According to the Press and Publication Administration, 1,075 game version numbers were issued in 2023, with 977 produced domestically and 98 imported. It also quoted a “2023 China Game Industry Report” that claimed sales income for the local online games market will exceed 300 billion yuan ($42 billion) in 2023, with 668 million individuals playing the games.

“The Game Working Committee hopes tha t member units will take this opportunity to launch more high-quality products, promote high-quality development of the online game industry, and contribute to promoting cultural prosperity and development and building a culturally powerful country,” it said.

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