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Beijing Denounces Video Games As “Spiritual Opium”, Tencent Tumbles After Imposing Limits

News Snapshot:

(Tyler Durden) As CNBC’s Eunice Yoon reports, Beijing has now republished the original Economic Information Daily article with a much softer tone, including removing the phrase “spiritual opium”. Did Beijing perhaps underestimate how these new restrictions impacted the market? Related WHAT’S GOING ON? Goldman Sachs and Morgan Stanley Reportedly Sold a Massive $19 Billion Worth of Shares in Chinese Tech and US Media Companies by Tyler Durden, August 3rd, 2021 China’s broad-based crackdown on perceived anti-social tendencies of its biggest corporations continued on Tuesday with a new industry being targeted: video games. Beijing’s latest attempt to rein in the excesses…

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