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Stealing the enemy technologies is wise, stealing the ally technology is betrayal...
Varyag is a piece of junk for modern PLAN standard. They gonna train it first, then maybe become a floating target for DF-21D or Railgun/Laser's experiment in the next 15-20 years.
No way it gonna become PLAN's flagship, but the CVNs under construction in Jiangnan Shipyard will.
Well it is was cheap. Buying it cost 20 million and 10 million for the transportation. Renovation won't cost over a billion dollars. It'll be used for training and reserves.