Chinese Official Removed Following Monetization Change PR That Sent Gaming Stocks Tumbling
The last thing a slowing Chinese economy needed was a fear of incoming new regulation.
According to five sources reported on by Reuters, a Chinese official in charge of the publishing unit of the Communist Party's Publicity Department has been removed from their position. Feng Shixin is reported to have been removed from their post, though no official announcement has been made as of yet.
The removal, which sources say happened last week, comes on the heels of new regulations proposed to limit spending and daily login initiatives in gaming, a move that immediately led to gaming giants like Tencent and NetEase losing billions in market value.
Since the initial reveal of these proposed changes, China's National Press and Publication Administration backtracked a bit and announced that they would "earnestly" review public opinion on the proposed regulations.
The hit to stocks came as China eyes a slowing economy and a rare admission that there could be more trouble ahead.
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About the Author
Mike “Magicman” Byrne has been a part of the MMOBomb family for years and serves as the site’s current Editor-in-Chief. His love for MMOs and gaming in general has led him to covering games for numerous gaming websites including Gamebreaker TV and XIV Nation where he proudly displays his fanboy flag for FFXIV:ARR.
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