Regions differ, so the name for the formal engagement ceremony varies, but the meaning is the same, being part of the traditional 'Three Matchmakers and Six Engagements' ceremony. After simplification of these traditional rituals, what's left as most important besides getting married is this formal engagement.
In Pengcheng, it's called delivering the betrothal letter, which is a wedding scroll featuring the birth details of both the man and woman.
In the Guangdong Region, the ceremony is also known as 'the grand betrothal' and is the most solemn event during the engagement process, where a man can use the opportunity of delivering the betrothal gifts to the woman's family to showcase his financial strength.
The quantity of the betrothal gifts represents how much the man values the bride.
Generally speaking, having the formal engagement means the wedding is imminent.
That's why Ning Anping and Song Xiufeng suggested having it next year, while the Fu Family hoped for next month.