Alibaba could only happen in China: Bonderman

US private equity TPG’s co-founder David Bonderman said Chinese tech start-ups have an advantage due to the country’s huge consumer market and governments should stay out of the way of his US start-up Uber.
“It is a very very large market, you could not do in the West what Alibaba has done here. It’s just not possible there is too much infrastructure,” said Bonderman at the SuperReturn private equity conference held in Hong Kong.
“China is second only to the US in that kind of innovation,” he said adding that many Chinese companies copy developments from overseas, smartphone maker Xiaomei makes micro-innovations in the industry, and there is also creativity.