The National Press and Publication Administration of China has recently approved 105 new online games, signaling a positive development for the industry. This move comes after the industry suffered significant losses due to proposed restrictions on online gaming. The approvals from the Game Working Committee of China Music and Digital Association aim to support the growth and sustainable development of the online gaming sector.
Notable among the approved games are Tencent’s “Counter War: Future” and NetEase’s “Firefly Assault”, which are expected to have a significant impact in the market. The introduction of draft guidelines for controlling online gaming led to a sharp decline in the stock prices of major game makers such as Tencent and NetEase, resulting in losses of billions of dollars and negatively affecting Chinese stock market indicators.
The outlined guidelines include measures to restrict online games from offering perks for daily log-ins or purchases, imposing limitations on user recharges, and issuing warnings for excessive consumer behavior. The impact of these guidelines led to substantial losses for companies like Tencent and Netease, ultimately resulting in a significant drop in stock prices.
The Press and Publication Administration revealed that a total of 1,075 game versions had been approved in 2023, with 977 being domestically produced and 98 imported. The domestic online games market generated sales revenue exceeding 300 billion yuan ($42 billion) in 2023, with a total of 668 million people engaging in gaming activities. The Game Working Committee emphasized the need for member units to capitalize on this opportunity to launch superior quality products and contribute to the advancement of the online gaming industry.
Despite previous stringent measures within the online gaming sector, the recent approvals stand as a positive development for the industry. Regulations were imposed in 2021 to limit children’s gaming time to just three hours a week, citing concerns about gaming addiction. Moreover, the suspension of new video game approvals for approximately eight months in 2022 was a part of the broader crackdown on the technology sector, which was later relaxed in April 2022.
The move to approve 105 new online games underscores China’s commitment to supporting the online gaming industry and fostering its growth. This decision demonstrates the nation’s determination to play a significant role in the online gaming landscape, and supports initiatives aimed at improving and expanding coverage of regional economies, climate change, and the transition to carbon-free energy.
