For business purposes, it is advisable to call a Chinese person by the family name together with a title, such as "Director Lau" or "Chairman Lee." Avoid using someone's given name unless you have formed good relationship with him or her.
Formality is a sign of respect, and better clarify how you will address someone very early in a relationship, generally during your first meeting.
The Chinese way of greeting is generally a nod or hand shake. Do not try to become too friendly too soon. The Western pattern of quick informality should be resisted.