I'm very skeptical of this because it goes against everything we've heard from the PLAAF for at least five years. I remember China asked to purchase Tu-22M's early in the decade but Russia turned them down. Since then the two trends have been: 1) smaller fighter aircraft like the J-10 and J-11, and 2) indigenous development of aircraft and aircraft components like the J-10 and WS-10A. Buying a long-range strategic bomber from Russia just doesn't fit into what we've see and heard from the Chinese air force recently.
However, I disagree with those who say it would be a useless White Elephant. It would give China significant long-range strike capability it has never had. Russia refused to sell it years ago because they feared it would change the balance of power in East and Southeast Asia. The bomber could dropped huge ordinance on bases and cities anywhere in Asia, or launch dozens of cruise missiles from high altitude against Taiwan or ships in the Spratly Islands. The US air force still uses its B-1Bs, B-2s, and B-52s all over the world fighting low tech enemies like the Taliban which shows even the most advanced armies with troops on the ground have a use for overwhelming air power.