{"id":9299,"date":"2024-01-03T09:20:47","date_gmt":"2024-01-03T09:20:47","guid":{"rendered":"https:\/\/topat10.com\/?p=9299"},"modified":"2024-01-03T09:20:47","modified_gmt":"2024-01-03T09:20:47","slug":"beijing-reportedly-removes-a-key-official-responsible-for-video-games-after-the-surprise-release-of-draft-rules-wipes-billions-in-value-from-the-sector","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=9299","title":{"rendered":"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector"},"content":{"rendered":"\n
\n

A set of draft rules released<\/a> by China\u2019s National Press and Public Administration (NPPA), the country\u2019s video gaming regulator, took the industry by surprise on the Friday before Christmas. Shares of Tencent and NetEase, two prominent publishers, plunged as<\/a> investors worried of another clampdown on the sector, at one point erasing almost $80 billion<\/a> in value. <\/p>\n

\n

Beijing now seems to be engaging in damage control. First, the NPPA said it would \u201ccarefully study\u201d public views to the draft views in a post<\/a> just one day after it released the new measures, then followed it up with a Christmas Day approval<\/a> of over a hundred new online games, including some from Tencent and NetEase.<\/p>\n

And now authorities may be responding to the investor freakout in other ways. On Wednesday, Reuters<\/a> reported that China removed a key official overseeing the press and publications regulator. The news agency, quoting five <\/strong>anonymous sources, said that officials removed Feng Shixin, head of the publishing unit of the Communist Party\u2019s Publicity Department, from his position in the days following the release of the new rules.<\/p>\n

Feng\u2019s departure could signal that Beijing may want to walk back some of the restrictions released last month, one anonymous source told the South China Morning Post<\/a><\/em>, whose report suggested Feng stepped down, rather than being removed. <\/p>\n

China\u2019s draft gaming rules<\/strong><\/h2>\n

The draft rules originally released by the NPPA on Dec. 22 aimed to curb the amount of time and money players spend on online games. The regulations would bar developers from offering daily login rewards to players, among other restrictions. The sweeping restrictions caught the sector off-guard, as Beijing had previously appeared to be loosening up on the industry following its mid-2021 crackdown<\/a>. <\/p>\n

Shares of Chinese companies related to the industry sank when the rules were first released. Tencent\u2019s stock fell 12% while shares of NetEase dropped by almost 25%. The surprise rules wiped about $80 billion in value<\/a> from the industry that day, according to a Bloomberg calculation.<\/p>\n

Beijing may be trying to reassure the private sector amid the country\u2019s stumbling economic recovery throughout much of last year. Consumption has struggled to maintain its momentum after a short-lived reopening rally at the beginning of 2023, immediately following the lowering of COVID restrictions. Chinese president Xi Jinping acknowledged<\/a> that \u201csome enterprises had a tough time\u201d in his New Year\u2019s message. <\/p>\n

It\u2019s not clear if recent reports can further soothe concerns brewing in the Chinese video game industry. Shares of Tencent and NetEase were up around 1% in Hong Kong trading on Wednesday, yet both are still trading below the levels before the release of the draft rules on Dec. 22.<\/p>\n<\/div>\n

Learn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

A set of draft rules released by China\u2019s National Press and Public Administration (NPPA), the country\u2019s video gaming regulator, took the industry by surprise on the Friday before Christmas. Shares of Tencent and NetEase, two prominent publishers, plunged as investors worried of another clampdown on the sector, at one point erasing almost $80 billion in […]<\/p>\n","protected":false},"author":235,"featured_media":9300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-9299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nBeijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"China may be doing damage control after it released new rules imposing limits on the country's massive video gaming sector, leading to a plunge in shares.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/topat10.com\/?p=9299\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector | Unlock Informed Choices with Us\" \/>\n<meta property=\"og:description\" content=\"China may be doing damage control after it released new rules imposing limits on the country's massive video gaming sector, leading to a plunge in shares.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/topat10.com\/?p=9299\" \/>\n<meta property=\"og:site_name\" content=\"Unlock Informed Choices with Us\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-03T09:20:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1365\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lionel Lim\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lionel Lim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299\"},\"author\":{\"name\":\"Lionel Lim\",\"@id\":\"https:\\\/\\\/topat10.com\\\/#\\\/schema\\\/person\\\/b66f6ba76bb2314f48b4f5c2b6bb01c0\"},\"headline\":\"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector\",\"datePublished\":\"2024-01-03T09:20:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299\"},\"wordCount\":485,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/topat10.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/GettyImages-1348167516.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/topat10.com\\\/?p=9299#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299\",\"url\":\"https:\\\/\\\/topat10.com\\\/?p=9299\",\"name\":\"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector | Unlock Informed Choices with Us\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/topat10.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/GettyImages-1348167516.jpg\",\"datePublished\":\"2024-01-03T09:20:47+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/#\\\/schema\\\/person\\\/b66f6ba76bb2314f48b4f5c2b6bb01c0\"},\"description\":\"China may be doing damage control after it released new rules imposing limits on the country's massive video gaming sector, leading to a plunge in shares.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/topat10.com\\\/?p=9299\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#primaryimage\",\"url\":\"https:\\\/\\\/topat10.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/GettyImages-1348167516.jpg\",\"contentUrl\":\"https:\\\/\\\/topat10.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/GettyImages-1348167516.jpg\",\"width\":2048,\"height\":1365},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/topat10.com\\\/?p=9299#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/topat10.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/topat10.com\\\/#website\",\"url\":\"https:\\\/\\\/topat10.com\\\/\",\"name\":\"Topat10.com\",\"description\":\"Your Trusted Source for Honest Reviews on the Best Online Services, Products, and Websites – Unlock Informed Choices with Us\",\"alternateName\":\"Topat10\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/topat10.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/topat10.com\\\/#\\\/schema\\\/person\\\/b66f6ba76bb2314f48b4f5c2b6bb01c0\",\"name\":\"Lionel Lim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/?s=96&d=mm&r=g\",\"caption\":\"Lionel Lim\"},\"url\":\"https:\\\/\\\/topat10.com\\\/?author=235\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector | Unlock Informed Choices with Us","description":"China may be doing damage control after it released new rules imposing limits on the country's massive video gaming sector, leading to a plunge in shares.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/topat10.com\/?p=9299","og_locale":"en_US","og_type":"article","og_title":"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector | Unlock Informed Choices with Us","og_description":"China may be doing damage control after it released new rules imposing limits on the country's massive video gaming sector, leading to a plunge in shares.","og_url":"https:\/\/topat10.com\/?p=9299","og_site_name":"Unlock Informed Choices with Us","article_published_time":"2024-01-03T09:20:47+00:00","og_image":[{"width":2048,"height":1365,"url":"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg","type":"image\/jpeg"}],"author":"Lionel Lim","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lionel Lim","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/topat10.com\/?p=9299#article","isPartOf":{"@id":"https:\/\/topat10.com\/?p=9299"},"author":{"name":"Lionel Lim","@id":"https:\/\/topat10.com\/#\/schema\/person\/b66f6ba76bb2314f48b4f5c2b6bb01c0"},"headline":"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector","datePublished":"2024-01-03T09:20:47+00:00","mainEntityOfPage":{"@id":"https:\/\/topat10.com\/?p=9299"},"wordCount":485,"commentCount":0,"image":{"@id":"https:\/\/topat10.com\/?p=9299#primaryimage"},"thumbnailUrl":"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg","articleSection":["Business"],"inLanguage":"en","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/topat10.com\/?p=9299#respond"]}]},{"@type":"WebPage","@id":"https:\/\/topat10.com\/?p=9299","url":"https:\/\/topat10.com\/?p=9299","name":"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector | Unlock Informed Choices with Us","isPartOf":{"@id":"https:\/\/topat10.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/topat10.com\/?p=9299#primaryimage"},"image":{"@id":"https:\/\/topat10.com\/?p=9299#primaryimage"},"thumbnailUrl":"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg","datePublished":"2024-01-03T09:20:47+00:00","author":{"@id":"https:\/\/topat10.com\/#\/schema\/person\/b66f6ba76bb2314f48b4f5c2b6bb01c0"},"description":"China may be doing damage control after it released new rules imposing limits on the country's massive video gaming sector, leading to a plunge in shares.","breadcrumb":{"@id":"https:\/\/topat10.com\/?p=9299#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["https:\/\/topat10.com\/?p=9299"]}]},{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/topat10.com\/?p=9299#primaryimage","url":"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg","contentUrl":"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg","width":2048,"height":1365},{"@type":"BreadcrumbList","@id":"https:\/\/topat10.com\/?p=9299#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/topat10.com\/"},{"@type":"ListItem","position":2,"name":"Beijing reportedly removes a key official responsible for video games after the surprise release of draft rules wipes billions in value from the sector"}]},{"@type":"WebSite","@id":"https:\/\/topat10.com\/#website","url":"https:\/\/topat10.com\/","name":"Topat10.com","description":"Your Trusted Source for Honest Reviews on the Best Online Services, Products, and Websites – Unlock Informed Choices with Us","alternateName":"Topat10","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/topat10.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en"},{"@type":"Person","@id":"https:\/\/topat10.com\/#\/schema\/person\/b66f6ba76bb2314f48b4f5c2b6bb01c0","name":"Lionel Lim","image":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","caption":"Lionel Lim"},"url":"https:\/\/topat10.com\/?author=235"}]}},"jetpack_featured_media_url":"https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg","uagb_featured_image_src":{"full":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg",2048,1365,false],"thumbnail":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-150x150.jpg",150,150,true],"medium":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-300x200.jpg",300,200,true],"medium_large":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-768x512.jpg",768,512,true],"large":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-1536x1024.jpg",1536,1024,true],"2048x2048":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg",2048,1365,false],"mailpoet_newsletter_max":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516.jpg",1320,880,false],"woocommerce_thumbnail":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-380x380.jpg",380,380,true],"woocommerce_single":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-1000x1365.jpg",1000,1365,true],"woocommerce_gallery_thumbnail":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-120x120.jpg",120,120,true],"shareblock_justify":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-800x533.jpg",800,533,true],"shareblock_small":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-120x120.jpg",120,120,true],"shareblock_largeslider":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-1920x1280.jpg",1920,1280,true],"shareblock_featurelarge":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-1000x650.jpg",1000,650,true],"shareblock_midlarge":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-760x600.jpg",760,600,true],"shareblock_slidergrid":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-500x350.jpg",500,350,true],"shareblock_featurelist":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-500x368.jpg",500,368,true],"shareblock_featuresmall":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-450x450.jpg",450,450,true],"shareblock_justify_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x13.jpg",20,13,true],"shareblock_small_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x20.jpg",20,20,true],"shareblock_largeslider_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x13.jpg",20,13,true],"shareblock_featurelarge_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x13.jpg",20,13,true],"shareblock_slidergrid_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x14.jpg",20,14,true],"shareblock_midlarge_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x16.jpg",20,16,true],"shareblock_featurelist_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x15.jpg",20,15,true],"shareblock_featuresmall_sload":["https:\/\/topat10.com\/wp-content\/uploads\/2024\/01\/GettyImages-1348167516-20x20.jpg",20,20,true]},"uagb_author_info":{"display_name":"Lionel Lim","author_link":"https:\/\/topat10.com\/?author=235"},"uagb_comment_info":0,"uagb_excerpt":"A set of draft rules released by China\u2019s National Press and Public Administration (NPPA), the country\u2019s video gaming regulator, took the industry by surprise on the Friday before Christmas. Shares of Tencent and NetEase, two prominent publishers, plunged as investors worried of another clampdown on the sector, at one point erasing almost $80 billion in…","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/9299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/users\/235"}],"replies":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9299"}],"version-history":[{"count":0,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/9299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/media\/9300"}],"wp:attachment":[{"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}