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An escrow is a contractual arrangement in which a third party receives and disburses money or documents for the primary transacting parties. Treasury centers, on the other hand, centralize and concentrate cash and risk management, as well as talent, and resources to gain economies of scale, process efficiencies, and tighter control.

An employee inspects beer cans just before they are dispatched from AB InBev's Putian plant in Fujian province last year. [Photo provided to China Daily]

An industrial park has been built in Rongjiang county of Southwest China's Guizhou province to boost employment and reduce poverty on April 1, 2020. [Photo/Xinhua]

An appreciation for science and original innovation can also be found among local officials. Shangguan Jiqing, the mayor of Xi'an, capital of Shaanxi province, said the city will become a global hub of finance, innovation and cultural exchange - a role it played along the Silk Road during the Tang Dynasty (618-907) - by capitalizing on high-tech fields and expanding cooperation with other countries.

An industry-wide tax probe emerged across the nation's entertainment sector after Fan Bingbing, one of China's most famous actresses, was fined 884 million yuan by the tax authorities for tax evasion last year.