It most definitely will be rude if you don’t. So be careful – they will assume that the first of you walking in the room is the head of the delegation! The meeting host will take a seat first, followed by everyone else. Business cards are then generally exchanged before seating.
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Asian buisness card protocol. Do not allow any embellishment of the basic information. There is no need to wait to be asked to present your card. Appearances and first impressions are important in chinese business culture. Avoid self-deprecation or sarcasm.
You should also hand it to the other person, upon initially meeting and take time to look at theirs before you get started. While exchanging business cards isn’t unusual in the us, no relationships will be jeopardized if you fail to bring them.