Here's the thing: pieces of entertainment are also pulled if they offend American sensibilities. In fact, American sensibilities have exclusively determined what is acceptable in big-budget entertainment for at least half a century. Crap like the Blitzchung affair just reflects this balance shifting to 99% America, 1% China.
Yes, China has the power to cancel one thing from time to time, but America constantly has the power to cancel everything. If a big-budget production isn't appealing to an American audience, it just doesn't get made, period. For example, when's the last time you saw a Chinese protagonist in a major film? Or even a single Chinese person who wasn't portrayed as a villain, a dope, or a sex toy?
In a world with equitable global development, influence would be proportional to population. America would have a 5% say, China 20%, Africa 20%, India 25%, and so on. So I'm not worried about the balance shifting towards that.