Gifts should be received with both hands when presented to you. As with most cultures, it is polite and often expected that you thank the giver of the gift. Thank-you notes, a phone call afterwards, or any other gesture of thanks is greatly appreciated in the Chinese culture as well. And, if possible, offer a gift back on a suitable occasion.
Chinese people who have had contact with Americans or other Westerners might expect you to follow the American custom of opening the gift in front of the giver. To avoid confusion, you can always ask, "Would you like me to open this now?" If it is opened, it is customary to give it many compliments and spend some time in the conversation discussing the merits of the item.
