Is Xinhua the future of Journalism?

Newsweek seems to think it might be. While their ability to produce impartial news about China is incredibly suspect, they win against Western media by being cheap, cheap and... non-Western. Oh yeah, did we mention cheap? The heavily subsidized service doesn't have the paycheck problems of the AFP, Reuters or AP and, when they're not talking about China, they're actually kind of good. Go figure. Wouldn't it be funny if, in the future, we turned to Xinhua for every piece of news not about China?