Looking out 10 years, they expect an average rate of return of 16.2 percent, down from 18.3 percent last year.

Wang said investors all over the world, and not just in China, have lowered their expectations.

Still, the vast majority of Chinese investors remain optimistic about reaching their financial goals: 82 percent of the respondents expect to meet their targets in 2014, consistent with 2013.

Investment sentiment has cooled markedly toward precious metals, with only 8 percent of respondents perceiving it as the top performer in 2014, compared with 22 percent in 2013.

The survey also found that Chinese investors focus on the short and medium term: 58 percent evaluate the success of an investment opportunity within a one-year period, while only 13 percent wait three to five years or longer to evaluate their investment performance.

"Chinese investors are more reactive to short-term fluctuations and vulnerable to temporary volatility.

"Generally speaking, investors with a longer investment horizon are capable of making better decisions, especially when the market outlook is unclear," said Wang.

The US and Canada are the most favored overseas markets for Chinese investors.

Almost two-thirds of respondents plan to invest outside the Chinese mainland. High-yield bonds, US equities and emerging and frontier market equities are their top picks.

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