Next China: Caught Off Guard by ‘Spiritual Opium’

Losing $1 trillion puts people on edge. And this week — not a fortnight after Beijing’s crackdown on after-school tutoring sparked a shocking sell-off — a commentary in a newspaper little read outside China jolted the world of global finance again.

To be fair, it was a strongly worded article that appeared on page four of the Economic Information Daily on Tuesday, likening video games to “spiritual opium” and “electronic drugs.” But to investors already wondering what other industries might be targeted in Beijing’s push to increase national security and reduce inequality, it seemed to clearly say that gaming was next.