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:2025-04-12 11:16:02
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! (56)
Related
- From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
- Bernie Sanders says Gaza may be Joe Biden’s Vietnam. But he’s ready to battle for Biden over Trump
- St. Louis Blues make Drew Bannister full-time coach; Ottawa Senators hire Travis Green
- Trump held in contempt again for violating gag order as judge threatens jail time
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Woman in Minnesota accused in the deaths of 2 children
- Teyana Taylor’s Ex Iman Shumpert Reacts to Her Met Gala 2024 Transformation
- Federal appeals court upholds ruling that Zion Williamson’s 2019 contract with an agent was void
- Retirement planning: 3 crucial moves everyone should make before 2025
- WWE King and Queen of the Ring 2024 bracket: Schedule, results of tournament
Ranking
- Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
- MLB power rankings: Los Angeles Dodgers finally bully their way to the top
- Demi Lovato Returns to Met Gala 8 Years After Terrible Experience
- Step Inside the 2024 Met Gala After-Parties with Lana Del Rey, Lizzo and More
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- A Rare Dose of Hope for the Colorado River as New Study Says Future May Be Wetter
- Timberwolves center Rudy Gobert misses Game 2 in Denver after flying home for birth of his son
- Ariana Grande's Met Gala 2024 Performance Featured a Wickedly Good Surprise
Recommendation
Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
Parents need help regulating their children's social media. A government ban would help.
Wake Up and Enjoy This Look Inside the 2024 Met Gala
Chicago Sky's Kamilla Cardoso, No. 3 pick in WNBA draft, out 4-6 weeks with shoulder injury
Highlights from Trump’s interview with Time magazine
Gaza protestors picket outside of Met Gala 2024
You Probably Missed Sabrina Carpenter and Barry Keoghan's Sneaky Red Carpet Debut at 2024 Met Gala
Judge dismisses lawsuit by mother who said school hid teen’s gender expression