Monkey King is part of the ancient culture of China which was a expansion of a true history. It involves Buddhism and Taoism as cultural merits. Not just ANY fantasy like we have now.
Mainly PRC sensor is to ban US films due to politics. But hiding behind Disney is a private company banning a movie against the Bush administration would have to raise doubt if they are contributors to Bush's reelection campaign or not. So it is not just a company issue but it involves a hint of political influence as well.