Gift-giving, as a sign of friendship, is a way to make your relationship with people better. It can be done formally with business partners or relatives and casually with acquaintances. In giving and receiving gifts in China, there are few things that you really have to bear in mind to avoid misinterpretation of intentions.
First, you should know that Chinese people love the color red and the number eight (8). On the other hand, you couldn't just choose the color white unless somebody just died. Also, don't pick clocks for gifts. It may imply your wishing ill for that person.
Another no-no in gift-giving in China is any of the sharp objects such as scissors or knives- no matter how fancy they look like. This means cutting the friendship you have with another person.
One bad-luck thing in China is the number four (4). If you want to give them a set of objects, those items should not come in fours. They are very superstitious about the number 4 that they even refuse to have fourth floors in their buildings.
When handing the gifts, present them with two arms. Also, receive any gift given to you with both hands.
In China, they don't usually open gifts in front of the one who gave them right after receiving the gift. It may be considered as an odd over-excitement (or greed). Also try refusing a gift before accepting it. Accepting gifts right away may also look greedy to them.