State-owned media accuses online games of harming the growth of minors- PingWest
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State-owned media accuses online games of harming the growth of minors
2 hours agoThe Economic Information Daily, a subsidiary of China's biggest state run news agency Xinhua, called for more containment of the gaming industry.
Details: In an article published on Tuesday, the media cited Tencent’s Honor of Kings, describing online games as "spiritual opium" and accusing it of harming the healthy growth of minors.
However, the article disappeared from the media’s website and WeChat account on Tuesday afternoon, and reappeared later that day with the term "spiritual opium" removed and other sections edited.
Following the news, the share price of Tencent, China's largest social media and video game company, fell by more than 10% in the early trading, and its market value evaporated by nearly $60 billion. Later, it recovered a little and closed at HK$446.0 ($57.34) per share, down 6.11%
Tencent said in a statement that it will introduce more measures to reduce minors' time and money spent on games, starting with "Honor of Kings". It also called for an industry ban on gaming for children under 12 years old.
In the evening, CGIGC, the research arm of China’s online games regulator, said it has summoned some major game companies and organized a closed-door seminar on anti-addiction work in online gaming sector.
Context: In recent months, the Chinese authorities have refocused on protecting the well-being of children and stated that they hope to further strengthen regulations on online games and education. Last month, they banned for-profit tutoring in core school subjects, wiping out $126 billion in market capitalization of Chinese education stocks.
The regulators have been trying to limit the time that minors spend on video games since 2017. Companies including Tencent already have anti-addiction systems, which they say limit the playing time of young users.
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