(Yicai Global) Oct. 10 -- China represents a paradise for startups due to its huge market and population, and boasts a consumer group that is most willing to accept changes brought about by new startup services, Tech Sina reported today, citing Xu Bingdong, a managing partner at GGV Capital.

Startups in China grow very fast, he said. The country's sharing-travel model currently leads the world, and its scale of mobile payments is much larger than that of the US.

Transactions made through China's two largest third-party payment platforms Alibaba Group Holding Ltd.'s [NYSE:BABA] Alipay and Tencent Holdings Ltd.'s [HKG:0700] WeChat Pay exceeded those made through Visa Inc. [NYSE:V] last year.

"In China, the government and technology companies are promoting mobile payments. The country's mobile payments are currently at the forefront of the world," Xu said.

"The fast growth seen in the global bike-sharing sector over the past two or three years can be regarded as an export of a Chinese model to the world", Xu said, adding that he envisages autonomous cars becoming a reality in the next three or five years without the need for charging. He expects the development to represent a significant change for the lifestyles of typical Chinese people.

GGV Capital, formerly known as Granite Global Ventures, is a leading venture capital firm which focuses on expanding companies in the US and Asia. It was one of the earliest Silicon Valley venture capital funds to invest in Chinese companies and currently manages six funds with a total of USD3.8 billion in assets.