The United States is regarded as the largest national economy of the world in its nominal terms, and in accordance with its purchasing power parity, it is the second largest (Henderson, 2014). The GDP of the country in the year 2015 was 17,947.0 billion dollars (Bureau of Economic Analysis, 2016). Whereas China is regarded as second largest economy of the world in terms of nominal GDP, and the largest economy of the world in terms of purchasing power parity (Lei & Yao, 2008) . Further, according to Tse (2010), China is the fastest growing economy in the world. The industries ...
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