Shanghai rolls out policies to support gaming industry

Shanghai has rolled out a series of policies at the China International Game Developers Conference (CIGDC) to support the gaming industry.

On Friday, ChinaJoy, the last major event of the Shanghai Summer International Animation Month, officially opened.

This year, ChinaJoy introduced the CIGDC for the first time on Thursday, building a platform for global game industry communication. Nearly100 well-known overseas game enterprises from Japan, South Korea, Finland and other countries were invited to attend.

As a major hub of China's gaming industry, Shanghai is also vigorously promoting the overseas expansion of games. At the conference, Shanghai launched a "policy toolkit" covering funds, talents and services.

The metropolis also supports East China Normal University in setting up a game planning major to cooperate with leading enterprises.

"We have established the Research and Service Center for Games Globalization, which provides a full life-cycle overseas expansion service for related game enterprises, including financial support, copyright protection, legal aid, channel development, and information sharing," said Lu Yiwei, director of the Network Publishing Department of the Publicity Department under Shanghai Communist Party of China Central Committee.

At a forum of ChinaJoy, also known as the China Digital Entertainment Expo and Conference, on Thursday, leading game companies such as Tencent, NetEase and Perfect World discussed and exchanged views on innovative overseas expansion. It is widely believed that the current AI-driven new quality productivity is the key driving force for China's game industry to shift from "scale expansion" to "quality leap".

"We are extremely proud that our Chinese games have strongly occupied six spots on the global top 10 game list," said Xie Fei, president of Zhejiang Century Huatong Group Company.

"In the era of large models, the technology of AIGC has significantly enhanced our research and development efficiency. The digital entertainment industry, represented by the gaming industry, is the best 'experimental field' for our entire cutting-edge technology," said Yi Di, vice president of Perfect World.

From plot copywriting, 3D modeling to game special effects, the application value of generative AI large models in the game industry has sparked heated discussions. In the first half of this year, the actual sales revenue of the domestic game market reached 168 billion yuan (about 23 billion U.S. dollars), up 14 percent year on year, setting a new record high. Among the top 50 game revenue enterprises in the country, Shanghai accounts for nearly a quarter.

Shanghai rolls out policies to support gaming industry

U.S. stocks extended losses on Friday as an unexpectedly weak employment report and surging oil prices tied to the ongoing Middle East conflict heavily weighed on investor sentiment.

The Dow Jones Industrial Average fell 0.95 percent to 47,501.55. The S and P 500 sank 1.33 percent to 6,740.02. The Nasdaq Composite Index shed 1.59 percent to 22,387.68.

Nine of the 11 primary S and P 500 sectors ended in the red. The consumer discretionary and materials sectors led the laggards, dropping 1.96 percent and 1.89 percent, respectively. Consumer staples and energy managed slight gains, advancing 0.29 percent and 0.13 percent, respectively.

The February jobs report dealt a blow to market confidence, revealing that non-farm payrolls unexpectedly contracted by 92,000, widely missing market expectations of a 55,000-job addition. Consequently, the national unemployment rate rose to 4.4 percent.

While the weak data quashed notions of a stabilizing labor market, analysts suggested the Federal Reserve is unlikely to cut interest rates this month because the energy price shock poses a significant risk of reigniting inflation.

San Francisco Federal Reserve President Mary Daly noted in a media interview that the report commands attention, acknowledging that the labor market may be weaker than previously observed.

Global oil prices surpassed 90 U.S. dollars per barrel on Friday. Tanker traffic in the critical Strait of Hormuz has slowed to a near-standstill, raising concerns that Gulf exporters may soon be forced to halt production due to depleted storage capacity.

The broader market sell-off dragged down major technology shares, with the "Magnificent Seven" closing mostly lower. In earnings news, Marvell Technology soared 18.35 percent to pace the Nasdaq, while Gap dropped 14.41 percent.

Financial equities also faced pressure with BlackRock down 7.17 percent, marking its worst trading session since April 4. The steep decline followed the investment management firm's unprecedented decision to cap client withdrawals from one of its private credit funds, signaling potential growing stress within the broader credit markets.

U.S. stocks drop amid weak jobs data