In addition, as a top-three investment priority China fell by 8 percentage points among respondents to 46 percent.

Kent Kedl, managing director for China and North Asia at Control Risks, a business consultancy, said this suggests a healthy rebound in developed economies, meaning that China is no longer the only "bright spot".

This trend is reflected in companies' efforts to integrate China further into their global operations.

Forty-three percent of firms said they conduct their research and development for China-specific products in both the US and China, with only 7 percent relying on US headquarters as their R&D hubs for designing products for the Chinese market.

The firms surveyed cited rising costs, constraints on human resources, and intensifying competition as the top three challenges hindering business performance in 2013.

For the third consecutive year, surging costs ranked the top business hurdle, with 89 percent of companies reporting increases in primary costs from labor to tax and materials.

Last year, companies also became increasingly concerned about complying with China's laws and regulations following efforts by the central government to target firms for corruption investigations.

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