I think so.
China has local versions of Facebook and Instagram. In fact, I’d argue WeChat itself is a pretty good substitute for those social networks. WeChat’s Moments feature is analogous to FB’s news feed. So, I don’t view WeChat’s content model as a response to the absence of FB/Insta, but rather the next step in the evolution of human-centric networks. Ultimately, I believe WeChat’s advantage as a content platform is it’s place as the first point of interaction for mobile users. It’s a natural portal for content to be delivered.
We’ve seen Instagram brazenly copy Snapchat. The value of these companies isn’t in their features or their delivery model because it’s so easily copied. Recurring users is where the value is, and WeChat has a lock on that in the Chinese market.