The United States and China are the two largest economies in the world. These two countries account 35% of world’s GDP. This conclusion is based on the GDP (Gross Domestic Product). It is the most commonly used measure of national economy. The GDP is the monetary and market value of all final goods and services produced in a country over a period of a time (Jeroen C.J.M. van den Bergh, 2009). The standard formula for the GPD is C+I+G+(X-M). The letters stand for Household spending, Capital investment spending, Government spending, Exports of Goods and Services and Imports of Goods and Services. Based on the above definition and formula, it can be concluded that GDP growth may be immoral because it does not reflect the consumption of resources and the impact on the environment. In addition, it cannot show the fairness of wealth distribution. However, GDP reflects the productivity of a country synthetically. It is easy to measure. The accuracy of the data is high, and it is comprehensive, practical and basic. In addition, the GDP is closely related to inflation, economic growth, and the unemployment rate. Therefore, comprehensively, GDP is the basis for measuring and comparing different economics. The United States and China have a decisive influence on world GDP, which is mainly reflected in the following three aspects: government policies, trading, and population status. This essay will focus on these three factors to discuss the chimerica’s economy and interaction of the US, China, UK, EU and world economies.

Basic situations of US and China’ GDP

There are basic situations and changes in the GDPs of China and the United States from 2008 to 2016. All related graphs can be found in the Appendix. The US’s GDP grew from 14.719 trillion to 18.624 trillion from 2008 to 2016. During this period, except for the decline of the GDP during the 2008-2009 financial crisis, the GPD rose every year. However, the GDP growth rate is not stable. In the composition of US GDP, the largest proportion is tertiary industry, with the largest share of the financial industry and the real estate industry. China’s GDP has been in a state of growth. Manufacturing contributes a lot to the GDP and the developed manufacturing industry increased its exports. These are mainly attributed to the cheap labour, however, the cheap labour reflects the large gap between the rich and poor, which cannot be derived from the GDP. In recent years, China’s GDP growth rate has declined and it decreased from 9.654% to 6.683% between 2008 and 2016 (World Bank). However, it still has the world’s largest growth rate. T