Current:Home > ScamsChina drafts new rules proposing restrictions on online gaming -Trailblazer Capital Learning
China drafts new rules proposing restrictions on online gaming
View
Date:2025-04-14 14:05:25
HONG KONG (AP) — China released draft guidelines Friday aimed at curbing excessive spending on online gaming in the latest move by the ruling Communist Party to keep control of the virtual economy.
The proposal caused shares in the biggest Chinese gaming companies, Tencent and NetEase, to plunge in Hong Kong.
China’s gaming regulator, the National Press and Publication Administration, issued guidelines saying online games cannot offer incentives for daily log-ins or purchases. Other restrictions include limiting how much users can recharge and issuing warnings for “irrational consumption behavior.”
Shares in Tencent, China’s largest gaming company, dived about 16% before recovering some ground to close 12% lower. Rival NetEase’s stock price lost about 25%.
Beijing has taken various measures against the online games sector in recent years.
In 2021, regulators set strict restrictions on the amount of time children could spend on games to just three hours a week. A state media news outlet described online games as “spiritual opium,” an allusion to past eras when addiction to the drug was widespread in China.
Approvals of new video games also were suspended for about eight months, resuming only in April 2022 as authorities eased a broader crackdown on the entire technology industry.
veryGood! (23)
Related
- Small twin
- Stock market today: Asian shares mostly higher after rebound on Wall St
- TSA sets new record for number of travelers screened in a single day
- Bethenny Frankel calls fashion brand ‘elitist’ after being denied entry to Chicago store
- Retirement planning: 3 crucial moves everyone should make before 2025
- Bradley Cooper performs 'A Star Is Born' song with Pearl Jam at BottleRock music festival
- To Incinerate Or Not To Incinerate: Maryland Hospitals Grapple With Question With Big Public Health Implications
- Trista Sutter Breaks Silence About Her Absence and Reunites With Husband Ryan and Kids
- Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week
- Suspected assassin for Sinaloa drug cartel known as El Nini extradited to U.S.
Ranking
- Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
- Former President Donald Trump attends Coca-Cola 600 NASCAR race
- Millions vote in India's election with Prime Minister Modi's party likely to win a 3rd term
- Nobody hurt after plane’s engine catches fire at Chicago O’Hare airport
- Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
- Sophia Bush responds to Ashlyn Harris engagement rumors: 'The internet is being wild'
- Notre Dame repeats as NCAA men's lacrosse tournament champions after dominating Maryland
- Leo lives! Miracle dog survives after owner dies in Fenn treasure hunt
Recommendation
How to watch new prequel series 'Dexter: Original Sin': Premiere date, cast, streaming
Pato O'Ward frustrated after heartbreaking finish at 2024 Indy 500: So (expletive) close
Kourtney Kardashian Reacts to Son Mason Disick Officially Joining Instagram
Sean Baker's Anora wins Palme d'Or, the Cannes Film Festival's top honor
A South Texas lawmaker’s 15
Brown University president’s commencement speech briefly interrupted by protesters
Athletic Club's Iñaki Williams played with shard of glass in his foot for 2 years
Suspect identified in stabbings at a Massachusetts theater and a McDonald’s