A U.S. business group is voicing concern over market access barriers in China, which it says likely contributed to a drop in foreign investment there last year.

The U.S.-China Business Council's president John Frisbie said Monday that in a recent survey of its 230 member companies, nearly 10 percent of respondents reported that they had stopped or delayed a planned investment in China because of foreign ownership restrictions.

Frisbie said despite some positive changes in tone, it was too early to gauge the direction of economic reform under new Communist Party leader Xi Jinping, who becomes president in March.

Frisbie said the U.S.-China relationship is "fairly good" and on an upward trajectory but there's still lots of distrust.

He suggested the two sides consider holding annual presidential summits.