I do some backend work for a small company that sells a downloadable software product.
As far as we can tell no one in China has ever bought our product in the ~15 years it has been available. None of our pages are localized for China. If someone in China wanted a product that does what ours does there are Chinese companies whose products are cheaper and probably better for Chinese users.
Yet last time I checked something like 95% of downloads of our product came from China. I took a bunch of IP addresses from the download logs and looked to see if I could figure out something about these downloaders.
All of them seemed to be at hosting companies, not end user machines. Looking at nearby IP addresses to see what else is hosted at the same hosting company they were mostly scam or borderline scam sites or porn sites. The later was a bit unexpected because at least according to Wikipedia porn and any involvement with it is prohibited in China.
I don't see any good reason I should not block Chinese downloads. We have to pay for the bandwidth they use, they are extremely unlikely to generate any revenue for us even indirectly, and they are coming from sketchy commercial IP neighborhoods rather than end users.