[디깅노트] 세계 2위 게임 시장 중국의 두 얼굴

China's restrictive licensing system, known as Panho, has evolved into a strategic tool for national protectionism that systematically disadvantages foreign game developers. The case of Dungeon & Fighter Mobile illustrates how regulatory delays are used to erode the competitive edge of global IPs, allowing domestic titles to secure market dominance. This growing asymmetry highlights the need for global developers to reassess the operational risks and the lack of transparency in the world's second-largest gaming market.