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Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue.

However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial.

Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China’s reform and opening up and socialist modernization.

According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term “elimination,” “transformation” and “transplantation” surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.

An integrative model that predicts users' stickiness to WeChat is built. In the proposed model, perceived value plays a dual mediating role in the causal pathway from users' immersive experiences of presence and flow to their engagement and stickiness. Furthermore, presence is treated as a bi-dimensional construct made up of spatial feelings and the sense of being in company, and users' engagement is conceived as cognitive, affective and behavioural contributions to WeChat's marketing functions.

The authors develop a measurement instrument and analyse data from a survey of 917 WeChat users. They use a hybrid partial least squares-structural equation modelling (PLS-SEM) and neural network approach to confirm the reliability and validity of the measurement items and all the relationships between the constructs.

The paper provides robust evidence about the mediating influences of both utilitarian and hedonic value on users' engagement with the immersive experiences of presence and flow. An additional finding highlights the role of social norms in engagement and stickiness.

Rather than studying the effects of the immersive experiences of presence and flow from either a hedonic or a utilitarian perspective, the authors consider how immersive experiences shape both utilitarian and hedonic value, as well as their joint impact (along with that of social norms) on users' engagement and stickiness.