Yes, version and equivalent both work. I don't think counterpart does so well. Counterpart to me suggests working in parallel, and cooperation, rather than being potential competitors, as they are.

我感觉equivalent经常是一个数字的概念，一个具体的概念，一般在数学里面出现。 Or you can just say Taobao equals to Amazon in China. For counterpart, maybe you can say " Taobao is the Chinese counterpart of Amazon."

"Taobao is the Chinese version of amazon." Colloquially, "Taobao is the Amazon of China" is probably the most common, as Joshua Tian mentioned. In (formal) writing, you could use any of these constructs. - Taobao is the Chinese equivalent/counterpart of Amazon. (like your sentence) - Taobao is to China what Amazon is to America. (idiomatic phrase "A is to X what B is to Y") - What Amazon is to the United States, Taobao is to China. (same idea with different ordering) - (Just) As Amazon is the behemoth commerce site in America, so is Taobao in China. (as ... so)

Hello, Apple. In addtion to the great answers to your question provided already, I would like to share my two cents. 1. TaoBao is the Amazon of China. 2. In China, TaoBao is like Amazon. 3. TaoBao in China matches up with Amazon in thr West. Hope it helps. ;-> Best, Joshua