From huitong's "attackers" page, with said picture:
"The latest rumor (December 2012) claimed that 601 Institute/SAC are working on a stealth fighter bomber design which is in the same class of Su-34 but this has not been confirmed."
That showed up a few months ago, and everyone was quite confused as to what it was... personally I thought the cross section would make it look a lot like F-35's bulgy weapon bays.
Obviously we have no idea if it is in any advanced stage of development, nor am I sure if SAC can handle 31001, J-15, J-16, J-11B/BS, and all the UAV/UCAV projects they have lined up along with a heavy stealth striker.
J-16 and JH-7B should provide heavy, long range strike capabilities for the near future, but of course they are not stealthy, even though they should be speedy and able to fight enemy fighters if it comes down to it.
The role of a stealthy, long range, Su-34 class striker would be an anomaly in the world. The US is pursuing their LRS-B, currently they are looking at a subsonic, heavy flying wing strategic bomber with any notions of a theater bomber like what SAC seems to be developing completely disregarded. Russia's PAK DA is still a paper plane, but talk is that it is a supersonic, heavy strategic bomber.
Now, we all know how China is supposedly pursuing one of those routes as well, subsonic flying wing vs supersonic, for their strategic bomber project, but we've heard nothing regarding that for years and it is likely a long term project. Further, we have to consider that China's potential adversaries may be able to counter VLO subsonic bombers, or LO supersonic bombers through their own air defenses and fighters, AEWC.
A heavy strategic bomber would also be putting "too many eggs in one basket" so to speak, and only a limited number could be procured, to say nothing of their technical difficulties in designing and producing.
A stealthy, supersonic theater bomber in the size of Su-34 or F-111 however may prove the necessary airborne strike capability the PLAAF needs in future, while being stealthy and fast enough to get through enemy defences. They will not have the intercontinental reach of the B-2 or B-1 without in flight refuelling, but should be able to reach most of westpac relatively comfortably (nor do I believe the PLAAF seek an organic intercontinental strike capability in the medium term). Further (and I make some assumptions here), such an aircraft shoudl be able to carry a significant payload (internally of course), let's say 8 tons to keep the Su-34 comparison consistent, and likely it would be optimized for high altitude supersonic performance as, along with stealth, that would keep it survivable against enemy threats. The mix of VLO and kinematic survivability is something neither of the heavy strategic bomber proposals can offer at the moment imho.
Looking at that very strange picture of what may be SAC's striker, it has a very bulgy fuselage as already mentioned. Now, when the western press all claimed J-20 was a striker one of the main facts debunking it was that the fuselage was simply too small to effectively hold usual strike weapons. This fuselage, however, looks even more volumous than F-35, and could potentially be able to carry multiple powered stand off weapons (ARM, AShM, cruise missiles, possibly tipped with nukes -- which is another role for this aircraft; nuclear deterrence), or of course, an even greater number of small diameter PGMs. Such aircraft would be used for deep strike missions requiring long range, a heavy payload (i.e.: greater than J-20 or "J-31" can manage), and of course survivability.
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Anyway, this is just a musing on what role a SAC heavy stealthy striker could play in the PLAAF, and the rationale for why PLAAF may choose this over a heavy strategic bomber.