China is in damage-control mode after its crackdown on video games sparked an $80 billion market meltdown

Mon, 12/25/2023 - 03:53

Young players practice Arena of Valor: 5v5 Arena Game, developed by Tencent Inc, outside the shopping mall on October 1, 2017 in Tianjin, China. — People in Tianjin, China, playing games on their phones outside a shopping mall.
2017/10/01

China's video games regulator announced new draft rules for online games last week.
The announcement triggered a massive selloff in gaming stocks.
The regulator said on Saturday it will study all feedback seriously to improve its draft rules.

China appears to be getting cold feet about its new restrictions for online games after an $80 billion market selloff.

On Friday, Chinese officials announced new draft rules aimed at limiting how much gamers can spend, and restricting rewards that encourage them to spend more time online.