Is it true?

I read it first thing this morning in the SCMP website. I checked Shanghai Scrap and saw he was already running with this news.
Ambrose Leung is reporting in the South China Morning Post today that the Vatican has approve Friday's ordination of Bishop Li of Beijing (paid subscription only):

The Vatican has given its approval for the ordination of Father Joseph Li Shan as bishop of Beijing, after a last-minute effort to ensure the mainland's selected priest gained recognition by the Holy See.

The approval came as Catholics in the capital prepared for a Mass tomorrow at which Father Li will become the first mutually recognised bishop in Beijing in almost 50 years.

Last night, church sources confirmed that the Vatican had given its approval, although officials from the Holy See have made no announcement of the decision.

Adam has more.