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Papers see internet giant Alibaba's debut on the New York Stock Exchange (NYSE) as "China's rise" in the global market.

Shares in Alibaba, China's main online retailer, started trading on the NYSE on Friday significantly above their initial price.

Alibaba operates a series of online marketplaces in China and elsewhere, handling more transactions than Amazon and eBay combined.

The company was formed 15 years ago by former teacher Jack Ma, who wants to use some of the proceeds to expand in the US and other markets.

"The impressive IPO, the biggest ever in the US stock market history, can be viewed as a union connecting Chinese society and the rest of the world," says the .

The paper adds that Alibaba's stock launch comes amid economic transformation in China and the market has chosen to invest not only in the company but also on the "stability of China's gradual market-oriented reform".

"China's huge potential, developed with its own Chinese characteristics, is now making its mark, which may lead Westerners to redefine their attitudes in accordance with the wishes of Chinese people," it says.

A report in the quips that "this is the first time the US has welcomed the rise of China".

"The American investors have shown that they have embraced the development model of China's private enterprises and have confidence in the Chinese economy. They are hoping to benefit from the huge Chinese market while welcoming the rise of China with sincerity," it notes.

points out that the successful launch of the IPO has "ignited the China Dream in entrepreneurs".

"Alibaba has created a success model that has injected confidence and hope for many Chinese entrepreneurs. The new China Dream for entrepreneurs has now been awakened as the country highly promotes development strategy based on innovation," it says.

, however, notes unhappiness among the mainland Chinese investors as they are left out of trading due to restrictions that bar domestic investors from purchasing overseas equities.

Mao Sheng, an analyst at Huaxi Securities Co in Chengdu, tells the paper that the episode may "push the government to accelerate reform in its IPO system".

"IPO reform takes time... The government takes the development of the capital market very seriously, so it will improve," he says.

Elsewhere, papers pay tribute to China's tennis star Li Na after she announced her retirement from the sport.

The 32 year-old star is one of China's most high-profile athletes and a national hero.

highlights that Li Na thanked the state for providing her initial training during her news conference on Saturday.

Noting Li Na's acknowledgement, an article in the points out that any "criticism against her has now dispersed, and all media outlets have sent her well-wishes".

The commentary adds that though Li Na and Alibaba's Jack Ma are wealthy Chinese, they are not "hated" by the people because their hard work has inspired many.

"When there is equality and efficiency, all talented girls will have the opportunities to become Li Na, and all smart poor guys can become Jack Ma. The society is healthy and vibrant when people like them are given the opportunities to excel, and those who become rich through ill-gotten wealth are punished," it adds.

´óÏó´«Ã½ Monitoring reports and analyses news from TV, radio, web and print media around the world. For more reports from ´óÏó´«Ã½ Monitoring, click here. You can follow ´óÏó´«Ã½ Monitoring on and .