It looks like Chinese officials are in discussions to remove their ban on gaming consoles that has been in place for twelve years now. If this ban is lifted, it would open a gigantic market for Sony, Microsoft and Nintendo - without even considering Valve's Steam Box, the OUYA console, and more.
The news is coming from China Daily, where they have a source within the Ministry of Culture telling the paper:
We are reviewing the policy and have conducted some surveys and held discussions with other ministries on the possibility of opening up the game console market.
Lifting the ban won't be easy, as it requires all seven ministries that issued the ban to approve the decision to lift the ban itself. The ban was implemented originally in order to protect impressionable youth from video games. A grey market for consoles exists in the country, but lifting the ban should see all sorts of new markets popping up - developers, retailers, and more.
It would also be perfect timing too, with next-gen consoles from Sony and Microsoft to be unveiled and released this year and Nintendo with their Wii U already on shelves.