From what I've read, Google makes between $200-300 million per year in the Chinese market. Relatively small compared to western markets, but they're certainly not losing money. And the number of Chinese connected to the net is increasing rapidly, they recently surpassed the US in this metric. Google's market share in China is around 15% IIRC (Baidu is about 60%). Even if Google could only get 15% of the Chinese market, that's still a significant number of people (tens of millions, and increasing every day). But like others have mentioned, I think their market share has been declining pretty steadily over the years, and the trend would probably continue.
It's inevitable, but is still decades away IMO. Once living conditions for the Chinese improve enough, I'm sure things will change. Until then, though, most of the population is more worried about making enough money not to starve than creating a democratic government.