Ebay has reinvented its China business by helping local companies sell to consumers overseas, says the head of the online retailer’s operations in Asia. Jay Lee told the Financial Times that cut-throat competition from local rivals, including Taobao, and entry barriers for foreign companies made China’s domestic e-commerce sector an unrewarding market for Ebay. It drastically reduced its operations in China in December 2006 by handing Eachnet, its local consumer site, to a joint venture with Tom.com.