A group of U.S.-based companies that conduct business with China is urging the Chinese government to pick up the pace on advancing its promised economic reforms.

The US-China Business Council (USCBC), a private, nonprofit organization comprised of more than 200 U.S.-based companies, said that "while China's top-line reform message of 'letting the market play a decisive role' remains compelling, the implementation has lagged.

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The USCBC has developed a quarterly scorecard to assess the impact of China's economic reforms on American businesses. According to the USBC, "China's economic reform policies to date have had a limited impact on American company operations."

In its most recent assessment released this week, the group says there has been "no discernable change from USCBC's June 2014 assessment."

As part of the Third Plenum of the 18th Chinese Communist Party Congress in 2013, the Chinese government proposed economic reforms, including opening up some exclusively state-owned sectors, loosening controls on markets, and introducing reforms on existing land and residence systems.

"Focal points in these reform plans included letting the market plan a 'decisive role' in the economy, fostering rule of law, opening more areas to foreign and private investment, and changing how state-owned enterprise are owned and operated," said the USCBC.

The group added that the slow speed of the economic reform creates "uncertainty about when - and even whether - policy changes will address the market access and level playing field concerns of USCBC members."

Despite China's revisions to the Shanghai Free Trade Zone foreign investment restrictions list, and proposed changes to allow greater labor mobility, the group says that policy specifics do little to address the concerns of foreign companies.

The USCBC is eager to see economic reforms in China so that its members can increase their business with the country. According to the group, the Chinese "market continues to deliver important revenue opportunities to American companies, even as GDP growth moderates."

TagsShanghai Free Trade Zone, foreign investment, Chinese Communist Party, US-China Business Council, Chinese Communist Party Congress, Chinese economic reform