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"China is working hard to elevate its manufacturing capabilities to a new level of innovation and move up the value chain. We see tons of opportunities here," said McDermott.

"By and large, Chinese regulators are pro-innovation," said Chen Guoli, a professor of strategy at the INSEAD business school in Singapore.

"California has been very successful at growing new markets," she said, noting the state's Mediterranean climate makes it uniquely suitable for all sorts of crops. "Being able to make bilateral and multilateral trade agreements is critical to us."

"China can shape a new world order based on humanity, peace, win-win situation, good neighborliness and shared benefits," said Bhusal.

"China is entering a new stage of institutional and rule-based opening up, which is more advanced compared with the opening up of the market," said Zhang Monan, a research fellow of the China Center for International Economic Exchanges.