Well 10% of the front page of the internet, and they do have 20% of the world population.
There is no way China would allow Reddit to operation in China, and there is no way China would allow a western company to own a significant percentage of "the front page of China".
Considering that Chinese tech companies have grown dramatically because of the GWoC and have enough money to invest left and right in foreign countries, it would be nice, but utterly unrealistic, if EU could copy that success model.
EU values the privacy of its people, the online interactions are certainly not tracked like in China.