I found this link that can be useful about the subject.
http://us2.mofcom.gov.cn/aarticle/aboutchina/custom/200411/20041100004548.html
I cut and paste the part that talks about it:
"
Colours and clothing
Colours
In Chinese culture there are three central colours: red, black and white.
Red, being the colour of blood, symbolises the positive aspects of life such as happiness, wealth, fame etc. Red is always associated with good luck.
Black, being the colour of faeces is associated with dirt, sin, evil, disasters, sadness, cruelty and suffering among other negative things. Black signifies bad fortune and must not be worn during festivals, wedding celebrations etc. or used in home decoration. Black symbolises a lack of civilisation and backwardness. However, traditions associated with this colour are quickly fading, and among the younger generations black can be frequently seen as a clothing colour.
White symbolises the mother’s milk and is intermediate between red and black, balancing the two colours. It signifies moderation, purity, honesty and life, but is also used at funerals as it is believed it can harmonise all elements. It can be used in all rituals and ceremonies as it is essentially neutral. Other colours are classified according to their relative darkness and lightness and associated significance thereof. "