Right now, the Chinese government tightly controls the media in its country. So long as that continues, the country will never have full credibility. If they loosened control and had a culture of journalistic freedom, then it will seen as a more open country. Right now, though, it seems like that will never happen.
China has to get rid of the government control on their media publications. In order to gain any credibility, they would absolutely have to be honest and real. I don't think you will get anywhere when there is a gigantic government censor on what you and can not say publicly.
China could not gain credibility because no one trusts what comes out of China. There have been so many bad political downfalls and problems with products. The government has very tight control over that country and would make them write what the government wanted them to say. There would not be any accurate information due to the tight control.
China has been trying to come out from being a totally controlled environment to an open society. I have seen the changes over the past decade and applaud what they have become, but that doesn't mean that they are anywhere close to having credibility. The government has tighter controls than most of us realize. Could you imagine self-immolation because a citizen of the U.S. didn't think that their vote was counted even if it meant that Obama was booted from the office? The have so much control of the media in their country that we can't really believe what foreign news agencies say. Until they allow for a free press with no prison sentences for religious beliefs and/or anti-communist statements they will report what the party wants to be said. They don't care if you think it is credible, since we all know that if it is on the internet it must be true.