Saying it's censoring China to not operate there is both a matter of semantic spin and also misses the point:
1) Operating there helps support a repressive regime that often uses the tools and services of foreign companies to facilitate that repression. I don't think a refusal to operate there is censorship, and if you do, that is a broad enough definition of censorship that the Montgomery Bus Boycott would also fall into that category.
2) It is also a bad long-term business decision. Between forced IP transfer, IP theft, piracy, and enormous subsidies for home-grown competitors, most companies are not truly growing in an emerging market, they are filling a short term gap until China can replace them with their own alternatives, bootstrapped by those short term interactions with foreign companies. At that point, it is happy to expand those homegrown options out to the rest of the world, bootstrapped by not having to make the same R&D investments, complete with its repressive values embedded in the products & services.
China is not truly interested being a partner country on the world stage. It's implicit and explicit goals are self sufficiency in service of not needing to even pretend it respects anything but its own power. This is revealed every time there's a Bing "accident" or another actor is made to embarrass themselves in kowtowing to China, or a movie changes a Tibetan character to anything but Tibetan, or a Hotel corporation like Marriot is forced offline in China until it similarly embarrasses itself.
China's goal is to have enough power to forced anyone that interacts with it to adopt its own repressive values.
Now at this point in the conversation someone will say "What about the things the US does"?
To which I respond:
1) That's irrelevant to the issue of China. Whatever the US does isn't an excuse to allow China to get away with things, and other countries and corporations are free to avoid dealing with the US in the same way I advocate they avoid China.
2) That's a false equivalence. The US may do objectionable things. But when it comes to repression of it's population, at it's worst levels of privacy intrusion it still gives it's citizens more freedom by an order if magnitude than does China.