Gift giving is a big part of keeping relationships and thanking others in Chinese culture, so it is important to be informed of the specific rules and taboos, some of which are different from Western culture.
When choosing a gift, there are several items to steer clear of. Many objects have a Chinese pronunciation similar to a negative word and are therefore discouraged. This includes shoes (鞋 xié) and evil (邪 xié), pears (梨 lí) and parting (离 lí), and umbrellas (伞 sǎn) and breaking up (散 sàn). Gifting clocks and watches are also a big no in Chinese culture, as the act of giving them ( 送钟 sòng zhōng) sounds like sòng zhōng (送终), which is used when a family finishes burying a loved one. Clocks and watches also symbolize elders running out of time in their lives. In addition, four (四 sì) is similar to death (死 sǐ), so it is best to keep away from multiples of four. Sharp objects are also avoided, as they are perceived as cutting off a relationship.
Gifts that are usually well received include wine, kitchen items, tea sets, clothes, fruit baskets, red envelopes (on Lunar New Year, weddings, and birthdays), etc.
Gift-wrapping choices should also be taken into consideration. Red, pink, and yellow should be used for happy occasions, while white and black should be kept for funerals. It should also be kept in mind that writing in red ink is unlucky, as it symbolizes death.
In Chinese culture, if gifts are given to a group of people, it is considered respectful to give a gift to the eldest first. Handing and receiving gifts with both hands are also a sign of respect. Oftentimes, the recipient will politely decline the gift a few times to not seem greedy.
Sources:
https://www.thoughtco.com/chinese-gift-giving-etiquette-687452
https://www.topchinatravel.com/china-guide/chinese-etiquette-gift-giving.htm