People overthink this China business. Truthfully, as someone working in development I can tell you that China is hardly the goal for any studio and I can assure you Black is neither a priority nor a concern of them.
Only 34 foreign films are allowed to enter China per year, it's a tough cookie to crack and more often than not, it's not worth the investment.
Their censorship system is random and stupid and you still have to compete with all other countries in the planet. They forbid magical or supernatural driven films, yet Coco and Harry Potter were hits; it's too random and idiotic of a system for studios to try to understand. There's a caveat here in which if you write 50% of the characters as Chinese you have the guarantee that you'll make it through (still no gays, no shunning China or communism, etc).
If you read the THEME report (linked here) you'll see what are the 10 most important international markets (China, Japan, UK, India, South Korea, France, Germany, Russia, Australia/Mexico/Brazil - these three bringing the same amount of gross). This report is the business' bible and their gospel.
They're more focused on the 9 markets mentioned here minus China than the other way around, for the reasons I've already mentioned.
In terms of VOD (Netflix, Amazon, etc), Mexico, Brazil, Canada and the UK, in that order are the most important markets, that's why Netflix is now inundated by Brazilian and Mexican shows and Amazon will soon follow suit.
If you read the report, you'll see Latino women are the ones paying the tickets, they should, by default be the number one concern, not Blacks who are now overrepresented. This Oscar too white is basically identity politics, it has nothing to do with the business and the suits are just pandering to them because all good PR is good for the business.
The thing is, Latinos, according to two other reports on audience behavior, don't mind seeing whites as protagonists, unlike Blacks who demand to see themselves. It has baffled the development departments why Latinos haven't demanded actively representation as Blacks do. Maybe it's a matter of time, who knows?
Latinos don't have the slavery/Jim Crow history to guilt trip their demands, since Americans are not Spanish conquistadors. It's anyone's guess what they could demand from now on.
This is my analysis from what I observe on a daily basis. Studios are still very racist, that much I can tell you and call the black demand for representation by several slurs I'd rather not reproduce here.
They don't complain as much about gay representation though. Surprisingly they are very gay friendly, the biggest hurdle being that most of the money to finance blockbusters today come from Arabic investors who are homophobes (sucking dick on the DL, but that's another story).