In China a government official was removed following the collapse of the video game industryattributable to the announcement of a series of rules and limitations that the market did not welcome with great enthusiasm, on the contrary.
Feng Shixin, head of the editorial unit of the Communist Party's Publicity Department, was reportedly dismissed last week in light of the bad results on the stock market that the government's declarations have determined, also causing losses to the giant Tencent.
Feng was in practice the face of the legislation that aimed to regulate the sector, introducing an approval system for games and mechanisms for verifying user identities, also for the purpose of limiting expenses and the use of rewards that encourage the use of video games.
A huge market
The measures proposed by the Chinese government have caused losses of almost 80 billion dollars in share value, which is clearly why Beijing has done an about-face, removing Feng from his duties although it is not known whether or not the man was responsible for the legislation.
We are certainly talking about a huge market, which returned to growth in 2023 after a particularly difficult 2022, marking a 14% increase in terms of national turnover and reaching 42.47 billion dollars.
#China #video #games #government #removed #official #collapse #sector
