US surpasses EU as biggest buyer of Chinese exports

The US economy grew by 2.7 percent in the third quarter of the year. Yet many expect the rate to be slower in the fourth quarter, as the country braces itself for going over the "fiscal cliff", a combination of deep cuts in government spending and tax increases that are scheduled go into effect early next year.

"US consumers see an uncertain economic future and are tightening their purse strings," Zhou said.

Even so, he said, the US is doing much better than the EU or Japan.

Zhou forecast that trade between China and the US will continue to increase next year, saying the US economy is recovering, though at a slow rate.

Wang Li, a researcher with the Ministry of Commerce's International Trade and Economic Cooperation Institute, said US controls on technology exports remain an obstacle to trade with China.

During a meeting last week of the China-US Joint Commission on Commerce and Trade, the US pledged to respond to China's concerns about fair treatment for direct investments in the US, controls on technology exports and various visa matters.

In the first 11 months of 2012, US' actual investment in China increased by 11.6 percent from a year earlier to hit $2.4 billion.

During the same period, China approved the establishment of 1,180 US-funded companies, down 8.9 percent year-on-year. By the end of November, the cumulative direct investment from the US had reached $70 billion.

China remains a small investor in the US, having put $8.6 billion worth of investment into the country by November.