If this were the only criteria, then Chinese passports would be accepted visa-free in a lot more countries than they currently are. Not saying that travel bans will remain in place once the current pandemic ends (which might take a while still), but "high spend potential" is not the sole determinant for this kind of polices when outside of a worldwide health emergency.
I wonder if it is a tit for tat type thing for other folks going to China?
It's hard to know. It's extra hard to know on outgoing as what I heard a while ago from someone from China (hard to know if they were really authoritative) was even if you qualified to go someplace else from inside China... your odds of approval was somewhat random / would ebb and flow.
