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Another key target is to minimize regulatory arbitrage, thus cutting rent-seeking, according to the country's top financial regulators.

Apart from science, Shenzhen's enterprises have also played an active role in the process. Electric car maker BYD quickly shifted to the production of masks as the coronavirus spread like wildfire. The company managed to produce 5 million masks a day within a 24-day span, making it one of the world's largest suppliers.

Any mention of cockroach-es in the same breath as food will provoke a reaction of disgust among most people, but not from Li Yanrong.

Another reason preventing a further easing of the monetary policy is the need to prevent systemic financial risks. But fiscal policies can play a major role in supporting economic growth in China, he said. "When unconventional monetary policies are becoming conventional, it will be difficult to come back," which in turn may lead to corporate debt surges or stimulate property bubbles.

Another such tale of truth was the story of an emperor who would have all believe their very eyes deceived them, that they could take leave of their senses, simply because the emperor held it to be true. The Emperor's New Clothes, a story nearly two centuries old by Hans Christian Andersen, is replayed in our consciousness yet again.