Turning now to the property market where Shanghai says it will continue to increase the scale of its property curbing policies. That means the city will continue with its limit on the number of houses an individual may purchase. Shanghai now becomes the second first tier city after Beijing to make a clear announcement.

File photo taken on Mar. 18, 2010 shows people visiting a real estate fair in Shanghai, east China. [Xinhua]

Experts say a "turning point" in property prices is about to be seen as China's housing inflation numbers dipped to a one year low for the month of November. The drop in prices might propel more buyers into the market, pushing prices up once again.

The official policy of the central government for next year is to stabilize housing prices rather than see too much fluctuation. Xiamen, Haikou, Fuzhou, Changchun and Qingdao are also planning to implement its own purchasing limits for 2012.

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