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"China's import duty on US pecans had long been set at 24 percent, but since 2015, China agreed to reduce the tariffs twice - and now the rate is only 7 percent," said Matthew Bailey, a pecan grower in Georgia.

"China's young luxury consumers are more interested in aspiration than heritage, making it imperative for brands to modernize their stories and deliver them through digital channels," said Luan Lan, partner and leader of McKinsey's apparel, fashion, and luxury group in China.

"Chinese consumers want to try something different and feel like they are sophisticated and part of the global elite. That's what Starbucks gives them. That's what Western brands need to tap into," he said.

"Chinese had to learn nuclear knowledge from abroad back in the 1950s, and then we were able to make our own findings and developed our own technologies," Zhang said.

"China will open up more investment areas and loosen many restrictions on existing industries, and this will present many opportunities for foreign companies who are interested in this huge market," he said.