Its not even that: China's laws are so unevenly enforced that western companies can't compete in China on content. You can find plenty of porn on Baidu, for example; Sina recently received a slap on the wrist for video content. Being "hen huang hen baoli" is how these companies make money, and the CCP mostly turns a blind eye. These are mostly protectionist moves by the government; censorship is also a big concern but not the primary one (freedom of speech is even enshrined in the Chinese constitution...).
Until China becomes a country that is really ruled by law, there isn't much foreign content companies can do.