SHANGHAI : China's regulatory crackdown is being waged to build a prosperous market economy and criticism from the United States and the West that it is taking"a backward step" are smears, state-backed tabloid Global Times said on Tuesday
The Global Times is published by the People's Daily, the official newspaper of the Chinese Communist party. "Such economic governance is not new to the world, but Western media outlets have kept pinning political labels on China's relevant practices, cursing China to fail," the op-ed read. China has imposed a flurry of regulations and penalties over the past year, affecting sectors ranging from gaming to education to e-commerce and rattling domestic and foreign investors.
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Chinese teens vent at new gaming limits as investors weigh impact on industryAuthorities argue the restrictions https://www.reuters.com/world/china/why-how-china-is-drastically-limiting-online-gaming-under-18s-2021-08-31 are necessary to stop growing gaming addiction and the People's Daily, the ruling Communist Party's official newspaper, said the government had to be 'ruthless' as online games impair normal study life and the physical and mental health of teens. The curbs are part of Beijing's efforts to promote the primacy of socialism and strengthen controls over society it now views as having become too lax after years of laissez-faire growth for the tech sector and other industries. While the hit to gaming stocks was relatively measured as children do not provide much revenue for gaming companies, analysts noted that the implications for the long-term growth of the industry were much more severe.
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