National Bureau of Statistics spokesman Sheng Laiyun, also commented on China's housing prices. He says the market has cooled.

heng said the central government attaches importance to the sound development of the property sector, to achieve sustainable growth for China's economy. In doing so, the State Council has strengthened its control to curb housing prices in some big Chinese cities. Here's what the spokesman had to say.

Sheng Laiyun, Spokesman of National Bureau of Statistics said "A report previously issued by us on the property sector shows average housing prices in 70 major Chinese cities have dropped by point 1 percent in June over May. The skyrocketing trend has been curbed and prices are going down. Housing transaction volumes show speculative demand has also been curbed."

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