China drafts new rules proposing restrictions on online gaming

China released draft guidelines on Friday aimed at curbing excessive spending on online gaming in the latest move by the ruling Communist Party to keep control of the virtual economy. The proposal caused shares in the biggest Chinese gaming companies, Tencent and NetEase, to plunge in Hong Kong. Approvals of new video games also were suspended for about eight months, resuming only in April 2022 as authorities eased a broader crackdown on the entire technology industry.