Following a disastrous draft, China permits 105 online games for Christmas as a show of solidarity

 Following a disastrous draft, China permits 105 online games for Christmas as a show of solidarity

Following a disastrous draft, China permits 105 online games for Christmas as a show of solidarity

China's Press and Publication Administration authorized 105 new online games this week, stating that it fully supports the sector, after significant losses experienced by investors in large gaming businesses as a result of suggested regulations.

105 new online games have been authorized by China's Press and Publication Administration, which says it firmly supports the sector despite suffering significant losses last week as a result of proposed restrictions on investment in large game developers.

105 new online games have been allowed by China's Press and Publication Authority, which said that it fully supports the sector after severe losses incurred by investors in big game developers as a result of fines that were recently imposed.

In a statement posted on its WeChat social media account on Monday, the National Press and Publication Administration said that the approvals granted by the China Music and Digital Association's Game Working Committee were encouraging indicators for the growth and well-being of the online gaming industry.

Among the games authorized were Tencent's Counter War: Future and NetEase's Firefly Assault.

The draft recommendations to restrict online gaming prompted tens of billions of dollars in losses and pushed Chinese benchmarks down on Friday, which resulted in a decline in the share prices of video game manufacturers like Tencent and NetEase. According to the administration's standards, incentives for daily log-ins or purchases cannot be offered by online games. In addition, users will only be able to recharge a certain amount, and they will get warnings for engaging in unreasonable consumption.

On Friday, NetEase's shares listed on the Nasdaq plunged 16.1%, while its shares traded in Hong Kong fell 25%. At closing, Tencent lost 12%. A little firm that makes internet games is called Huya Inc. On the New York Stock Exchange, it dropped 10.7%. The firms' market value dropped by billions of dollars overall. Due to the Christmas holiday, the Hong Kong market was closed on Monday. Shanghai's share prices were steady. According to the Press and Publication Administration, 977 game edition numbers were created locally and 98 were imported out of 1,075 total game edition numbers issued in 2023. According to the Press and Publication Administration, 977 game edition numbers were created locally and 98 were imported out of 1,075 total game edition numbers issued in 2023. It also referenced the 2023 China Game Industry Report, which said that 668 million individuals played video games in 2023, bringing in sales income of over 300 billion yuan ($42 billion).

The Game Working Committee anticipates that its member units will introduce more top-notch items, encourage the online gaming industry's growth, foster cultural prosperity and progress, and aid in the formation of a strong national culture. Will make the most of the chance. In recent years, China has taken a number of actions to curb the online gaming industry.

In 2021, authorities limited the amount of time kids may spend playing video games to three hours per week due to worries about addiction. After being halted for around eight months, the approval process for new video games was reopened in April 2022 as the government's more extensive crackdown on the whole IT sector softened.