I do think China will ever have journalistic credibility with privately owned media outlets. Right now, there is no trust as China has complete control on what goes out into the media. In the future, and I mean the far future, they will allow freedom of speech just like the US.
China will have journalistic credibility with privately-owned media outlets. This is because China is mostly capitalistic already. If it were not, there would be no issues with poverty, extremely low wages, or human rights issues. It is inevitable that with so much private profit that profit-driven media outlets will ensue as well.
No, China will never have journalistic credibility with privately-owned media outlets as China has launched a campaign of censorship across its nation. As part of journalistic credibility comes from remaining free and open, China cannot hope to enjoy this. Its policies are the very antithesis of journalistic credibility and China should be treated as such.
The reason China will not ever have journalistic credibility with privately owned media outlets is because of the secrecy and censorship that takes place within that country. The corruption in western nations pales in comparison to that in China, and with those circumstances it is hard to garner credibility. Things have to change.
I have my doubts China will have journalistic credibility with privately-owned media outlets. The Chinese government holds too much control over their people to allow privately-owned media outlets and they do not show any signs of letting up on these policies. Of course nothing is impossible, but I believe it would take a huge shift in changing for that to happen.