You hadn’t thought of it because it’s completely made up. Xi started getting compared to Winnie the Pooh by Chinese citizens after a picture came out showing Xi and former US President Obama together in a similar pose to Pooh and Tigger. Used originally for rather light-hearted ribbing of Xi, the Chinese government decided to crack down on it hard, which has had a massive Streisand Effect with the comparison between Xi and Pooh becoming popular in the West because Xi has shown how sensitive he is to it.
There’s no racial component to it at all. It’s all about being critical of the absurd censorship of the current PRC’s government.