On the short term it won't do much. Consoles are expensive and the most popular games are not on console anyway (mmorpg, moba, rts, browser games)
However if it does get big, game development might follow the movie industry in tailoring to the Chinese market, for example http://www.reuters.com/investigates/special-report/china-film/ "How Sony sanitized the new Adam Sandler movie to please Chinese censors"
And we might see more free to play games on consoles. Will this be the future of gaming:
http://www.techtimes.com/articles/26074/20150112/chinas-call-of-duty-online-is-now-live.htm
China already has the largest game company, Tencent. Will they start publishing console games, maybe even launch their own console, or stick to subscriptions and micro transactions from PC and mobile. They've already released their own OS for smart watches to maybe VR in the future.
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