Disney must have thought, "Hey, with a main character that inspired books like The Tao of Pooh ", we've got a home-run addressing the asian market.
But much like their failed efforts to make Star Wars asian relevant, Pooh (of all characters) is too offensive to the Chinese censors.
Even if he came out as a closet Panda Bear (so modern Disney), he'd still be banned.
I leave you with a sample of Pooh's controversial rhetoric (be warned, quite offensive):
"People say nothing is impossible, but I do nothing every day." —Winnie-the-Pooh"