SEOUL - In the 2017 winter transfer window, the Chinese Super League outspent the English Premier League by $422 million compared to $315 million.

A year later, England or Spain is set to take over the top spot and Chinese soccer officials are perfectly happy.

Alarmed by the amount of money heading into the pockets of foreign players, clubs and agents, authorities in Beijing moved to slow down the market and it seems to have worked.

"The relative lack of spending in the Chinese transfer window reflects the ongoing moderation of the market for players by China's state authorities," Simon Chadwick, professor of Sports Business at Salford University in England, told Associated Press.

"Following several high-value deals over the past two years, several regulatory interventions were made."

The two most influential came into effect in 2017. Just before the season started in March, the Chinese Football Association (CFA) reduced the number of foreign players that could be named to a match-day roster from five to three, reducing demand.

In June, a so-called 'transfer tax' was introduced that stipulated any club which was in debt and was signing a foreign player had to pay an amount equal to the transfer fee into a soccer development fund.

Last summer's transfer window was especially quiet with the only signing of note that of French striker Anthony Modeste joining Tianjin Quanjian for $43 million in July.

So far this winter window, there has been plenty of rumors but no big moves.

When it was reported that Beijing Guo'an and Guangzhou Evergrande were battling it out for Borussia Dortmund's Pierre-Emerick Aubameyang of Borussia Dortmund, valued at $86 million, the CFA reminded the clubs of the rules.

"The CFA has sent a letter to the respective clubs to ask for an explanation. The CFA will deal seriously with any violation of its regulations," a statement said.

Guo'an appears undeterred and is reportedly set to pay Spanish side Villarreal around $49 million for Cedric Bakambu. Combined with the fee-equaling CFA tax, the deal would make the Congolese striker the most expensive African player of all time.

China's national team has only qualified for one World Cup, back in 2002.

In 2016, sports authorities unveiled a plan with the target of making China one of the strongest nations in the world by 2050. This success, the plan envisaged, would be built on the development of more and better homegrown players.

A first-round exit at the 2018 Asian Under-23 Championships on Monday, despite China hosting the tournament, showed there is still a long way to go.

"One suspects that an even greater emphasis will be placed upon the development of domestic talent," Chadwick said. "This squad is likely to form a basis for the team that will seek to qualify for the 2022 World Cup.

"Given recent performances, such qualification seems unlikely which implies that the earliest China might qualify for the World Cup could be 2026."

Before that target for the national team, there is another set by Guangzhou Evergrande, which has won the past seven Chinese Super League titles and started the major investment in foreign players.

The club has distanced itself from the chase for Aubameyang, reportedly now bound for Arsenal, and reaffirmed its desire for an all-Chinese team by 2020.

"We will stick to the Evergrande model of building a fully linked youth system to realize our vision of fielding a fully Chinese squad by 2020," the club said in a statement.

"Since 2017, we have set out clear principles to sign foreigners who complement Chinese football and we refuse to pay a premium for any player," Guangzhou added. "Nor will we join in bidding wars as we switch our focus to youth development."

Associated Press