Dead wrong, China does not allow movies like this to be shown on any basis, even street side DVD shops 

have to be wary of what they sell, nevermind what makes it onto TV .

For example, "The Simpsons" used to be shown on Chinese TV as a kids' show until the sensors realized that much of the show involved belittling American culture, political, business and cultural leaders and that Chinese adults also watched this show.  And if a TV show like that could be popular and accepted in the US, why not China? 

 

I can come up with 3 explanations for how "V" made it onto Chinese TV:

 

1. The censors suck, not unheard of for a low-paying, high workload job.

2. It was deemed acceptable to show a nasty, totalitarian western government being overthrown by its oppressed people.  The CCP loves to find faults in western governments.

3. Internal rebellion by censors.