The blocking of Winnie the Pooh might seem like a bizarre move by the Chinese authorities but it is part of a struggle to restrict clever bloggers from getting around their country's censorship.
First paragraph from your source. China blocks it to prevent bloggers in China from making the comparison (kinda hard for them to block it on Facebook as China does not have control there). That's also where this meme started.
I'm also fairly certain that Pooh having yellow fur is mostly just coincidental (it'd be a bit surprising if Chinese citizens created a racist meme against another Chinese man). The offensiveness of the meme is much more related to Pooh being quite dim and just general fatshaming, not racism. That's not to say you can't use the meme in a racist way, just that the origins seemingly aren't racist.


