Alibaba unveils plans to be the Netflix of China

China's e-commerce giant Alibaba has announced it will launch an online streaming service in China in the next two months.

Inspired by Netflix and HBO, Alibaba’s new content streaming service Tmall Box Office – or known as TBO – will focus on bringing in foreign content as well as promoting in-house original productions.

Patrick Liu, president of Alibaba’s entertainment business unit, said on Sunday at a press conference in Shanghai that the company aims to redefine home entertainment and become successful as Netflix and HBO in the United States.

Liu also said that 90 percent of TBO's content will be charged either on monthly or pay-per-view basis while the remaining 10 percent will be available for free.