The point is that china has it's own sites that are more popular than FB, WhatsApp, eBay etc, in a large part because they are more appropriate to local norms. This doesn't imply some sort of China-exceptionalism; Blackberry was huge in Indonesia and Orkut in Brazil.
They'd like to have some of the magic fecundity of the Valley too -- and why not? Though copying the overt structure doesn't get you there -- many many many have tried, including many in the USA (https://en.wikipedia.org/wiki/List_of_places_with_%22Silicon...). Hell, there are many studies and theories of how the Valley got to be where it is, with no consensus. I have commented further down in this thread on some unique or highly unusual factors that make it so effective (for me) right now but I have no solid theories of how it got to have the magic mix it does.