As a 'foreigner' you won't be expected to reciprocate. If you do, however, it will be appreciated, so it's a win-win.
I don't like mooncakes, and dread the inevitable boxes, but we don't get that many, to be honest. My students appreciate quite a few, and we manage to 'gift-on' a few. My wife and daughter don't mind them, so they mop up the rest!
However, in general, gift-giving is a very big deal in China, and some form of reciprocity is appreciated. If cash is involved (e.g. if you have kids, they may get cash gifts at Spring Festival), usually exact amounts. I really dislike this, since many kids don't get to see the cash...it's just put in a different envelope and given back! So we tend to give gifts to avoid this sort of merry go round.
What you will find, however, is how very generous your Chinese friends are...and that's pretty wonderful.
tb
PS I think a wonderful aspect of this board is the lack of obsession with FF/hotel threads, and far more about life in China...so fire away at will!