It's not like we can capitalize on commerce in China anyway, so I think it's a fairly pragmatic approach.
If it works for my health insurance company, essentially all streaming services (including not even being able to cancel service from abroad), and many banks, it’ll work for you as well.
Surely bad actors wouldn’t use VPNs or botnets, and your customers never travel abroad?
In my experience running rather lowish traffic(thousands hits a day) sites, doing just that brought every single annoyance from thousands per day to zero.
Yes, people -can- easily get around it via various listed methods, but don't seem to actually do that unless you're a high value target.
Due to frosty diplomatic relations, there is a deliberate policy to do fuck all to enforce complaints when they come from the west, and at least with Russia, this is used as a means of gray zone cyberwarfare.
China and Russia are being antisocial neighbors. Just like in real life, this does have ramifications for how you are treated.