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Yahoo! (ticker: YHOO) co-founder Jerry Yang spoke to Business Week about his company's $1 billion investment in China's Alibaba.com. Here are some key quotes from their conversation:

....[Alibaba and Yahoo China are] probably the most unique basket of assets assembled together. We are combining our strong No. 2 search and mail businesses with Alibaba's first-place consumer auction platform, their leading business-to-business franchise, and their AliPay, which is their payment platform.

....It's the only company in China that has commerce, search, communications, and a very, very strong local management team.

....If you look at e-commerce as a category, that's where the action is in China.

Comment: You can read the rest of the interview here.

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Source: Yahoo's Yang on the Alibaba investment (YHOO)