When I was in college one of the jobs I had was to host delegations of Chinese government when they came to my college for business courses. I would take them shopping when they wanted to, and it was kinda interesting what sort of things they looked for.
First of all, they would never buy stuff that said "Made in China"... Even the ones who didn't speak any English learned to identify that mark. They especially looked for Made in USA stuff.
They weren't interested in stuff made of plastic at all either. They loved metals: brass, silver, copper...
Interestingly, the gifts they brought us were almost always textiles - scarves, wall hangings, silk paintings - or artwork. Often pictures of flowers or horses - I'm not sure if the horse has a special meaning in their culture or not.
If you are from the states (which I've assumed up till now, sorry), you might try to think of something that epitomises the US - or whatever country you're from. An art print of traditional American life? Rockwell or a picture of an American farm? Perhaps a pretty paperweight or small piece of home decor?
It all really depends on how much you want to spend. When I first met my sister's parents-in-law (who live in another country), I didn't know them well, so I brought things that were typical to where I was living at the time - favorite local candies, and a nice-looking small cedar trinket box with a mountain scene burned into the wood.
If, however, you're already in China and don't have access to souveniers from your home, you might give them a gift of a nice bottle of wine (my chinese guests were always offering me glasses of a *rather strong* wine that they had brought from China) or some sort of symbolic gift of decor for their house (I know there is a lot of symbolism - especially animals - maybe you can figure out which means greatfulness or hospitality or friendship.
just think simple and thoughtful, the best host/hostess gifts are the ones that are meaningful, not the ones that are rediculously extravagant.