Hi Ravi,
You are right, you need to do configure Organizational elements i.e., FTO, Legal Units of China and Hong Kong and BPs to be transferred to GTS as suggested by Shrini.
but the Legal Regulations we create as Global Template for Embargo, SPL processes in Compliance and the same would be used here . only you need to add the countries and activate for the relevant processes(Embargo - Export, Import; SPL - Export, Import).
hope you are in right path, if need any assistance post your requirement. our GTS Experts/Gurus could help you.
Regards,
Srinivas Yellampalli