A McDonald's and KFC restaurant in a shopping mall in Beijing, China Zhang Peng | LightRocket | Getty Images

Fast food companies were early major entrants to China nearly three decades ago. As individual Chinese grew wealthier, the opportunities for tapping the Chinese consumer market appeared to grow exponentially. But roadblocks appeared: U.S. fast food chains struggled with food safety scandals in China, and other companies have had intellectual property such as trademarks stolen.

"We have seen a lot of U.S companies struggling [with] their China" operations, said Siva Yam, president of the Chicago-based U.S.-China Chamber of Commerce. "The market is much more mature. We have seen a significant drop of U.S. companies going to China. … On the contrary, they are coming back here."

An annual report from the American Chamber of Commerce in China found last year that 32 percent of member companies surveyed do not plan to expand investments in China, a percentage that's higher than during the financial crisis in 2009. One-quarter of the respondents have moved or plan to move business operations out of China, and of that group, 38 percent are relocating to the U.S., Canada or Mexico, according to the survey, published in January.



While Chinese firms have often had the advantage of local business know-how or government support in China, rising labor and land costs increased challenges for foreign companies further, analysts said. China's economic growth is also slowing, from double-digits a few years ago to just above 6 percent officially.

Starbucks is a notable exception. At an investor conference Wednesday, the coffee chain's management said it expects to open more than 5,000 stores in China by 2021 and that the market "will eclipse that in the U.S. over time." U.S. farmers also continue to do well in China, especially when exporting crops such as soybeans. Agriculture is one of the few areas in which the United States has a trade surplus with China, or exports more than it imports.

The 'booming Chinese consumer'? Not happening