One of the recent buzzwords being heard often in China, frequently cited by top leaders as well as people at the grassroots level, is "openness".

As the world's second-largest economy extends its welcoming arms to the rest of the world, what opportunities lie ahead for the US, its nation and companies?

At the Boao Forum for Asia that was concluded last week, President Xi Jinping pledged to the world that China will continue to increase its openness and expand cooperation.

"We will stay committed to the strategy of opening-up for win-win results," he said in his keynote speech at the forum's opening ceremony.

The Chinese people have made opening-up a fundamental national policy, pursued development with an open door, and accomplished a great transition from seclusion and semi-seclusion to all-round openness.

Xi said measures would be taken to raise foreign-equity caps in the banking, securities and insurance industries, accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China, expand their business scope and open up more areas of cooperation between Chinese and foreign financial markets.

On manufacturing, China has basically opened up this sector with a small number of exceptions on automobiles, ships and aircraft. "These industries are now in a position to open up. Going forward, we will reduce as soon as possible limits on foreign investment in these industries, automobiles in particular," Xi said.

What should California - the Golden State with a long history of business and cultural closeness with China - expect?

In a series of events organized by the Chinese Consulate General in San Francisco, China's diplomats and business representatives exchanged thoughts and had provocative discussions about the issues, hoping some consensus could be reached through a clash of ideas and heated debates.

On April 10, at a seminar titled "Going Global: Chinese and Jewish Cross-Border Relationships in Technology & Innovation", Silicon Valley-based entrepreneurs who are funded by Chinese, American or Jewish capital expressed their concerns about increasing government manipulation and restrictions.

Asked for his advice to the US government on its oversight in the tech and innovation sectors, Isaac Applbaum of MizMaa Ventures said, "Leave us alone. Let us Jews to do what we do best. We're the capitalists. We understand the value and proposition of taking entrepreneurs and helping them grow."

Luke Tang, general manager of Mountain View-based TechCode Accelerator, echoed Applbaum's sentiments on alleviating restrictions.

"It would be great for the government just to set the stage to let the market play," Tang said. "We use the US as an example - don't put so much emphasis on restrictions and limitations."

Ren Faqiang, deputy consul-general in San Francisco, said that the US should abandon the trade war mentality and instead embrace the strategy of mutual benefits. "All in all, we are all members of the global village and should work together," he said.

Earlier on April 2, Luo Linquan, consul general at the Chinese Consulate General in San Francisco, traveled to UC-Davis to present the Belt and Road Initiative to faculty, staff and students at the invitation of the university's global affairs office.

Perhaps the best symbol of China's new openness, the initiative, with the full name of The Silk Road Economic Belt and the 21st Century Maritime Silk Road, was proposed by President Xi Jinping during visits to Kazakhstan and Indonesia in 2013.

It is a concept put forward by China but it belongs to and is being built by all countries in this region, said Luo.

"It focuses on upgrading the infrastructure connectivity, alignment of strategies, providing material, institutional and spiritual public products to the world so as to promote common development and prosperity of all countries. The initiative has not only drawn worldwide attention, but has also received positive responses and active participation from neighboring countries."

Although the US is far from the Belt and Road region, American companies, with their advantages in international operation, global resources, cutting-edge technologies and high-level legal standards, are welcome to bid for the Belt and Road projects or to cooperate with other companies, said Luo, adding that California Governor Jerry Brown had openly expressed that California is willing to join the initiative.