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As a major theoretical breakthrough of the Marxist political economy based on the practice of China’s reform and opening up, the theory of socialist market economy constitutes an important part of the political economy of socialism with Chinese characteristics. The paper aims to discuss this issue.

Its essence is that socialism (as a social system) and market economy (as a resource allocation mechanism) can be organically integrated to exert the advantages of both at the same time and generate new institutional and systematic advantages.

It has condensed many important theoretical viewpoints, involving major theoretical and practical issues, such as the relationship between the government and the market, the basic economic system, the income distribution system, the operation of the market economy and the opening up to the outside world, which have become the basic principles of socialist political economy with Chinese characteristics.

The new practice of comprehensively deepening reform and building a moderately prosperous society in an all-round way is bound to provide an impetus to the deepening and systematization of the theory of socialist market economy.

One of the organization's main goals is to maintain their customers' loyalty, as this can give them a competitive advantage. Therefore, this study is intended to look into the impact of library service quality using LibQUAL + TM dimensions (library service effect, personal control and library as a place), library image and trust on users’ loyalty with the mediating effect of perceived service value and satisfaction.

Data for hypotheses testing were gathered from Minhaj University Lahore (MUL), a private sector university's staff, administration and students, using a survey questionnaire. About 500 questionnaires were randomly distributed, and 407 were utilized as the final sample for analysis. Structural equation modelling (SEM), using SmartPLS 4 and SPSS 25, were used to analyze the empirical data.

First, research reveals that library image, users’ trust, library service effect and personal control significantly influence user satisfaction. Second, the library as a place and personal control are not a significant indicator of perceived service value. Third, perceived service value and satisfaction have a direct positive relationship with users' loyalty. Fourth, trust and library service effect is indirectly related to loyalty via perceived service value. Fifth, satisfaction does not mediate the relationship between library as a place and loyalty.

Customer satisfaction must be guaranteed by library administration if it hopes to win users’ loyalty. In light of the fact that a variety of factors can affect customer satisfaction, their perception and loyalty, library management should enhance not just the quality of library services along with other factors such as library image and users’ trust.

The study examined the independent impact of library image and users’ trust on satisfaction, perceived service value and users’ loyalty, which, within the framework of the library, has never been addressed in literature.