Edit: Do you honestly think that once the Chinese government has some leverage over Google (because they now make a portion of their revenue from the Chinese market) they wouldn't use that to get additional concessions?
As an example, Chinese citizens can still access Google if they can connect through an outside VPN. Google may be able to identify such users through cookies, reCaptcha or another Google tracking technology. What if China asked Google to censor results for Chinese users using VPNs too?