Chimerica is the term first used by historian Niall Ferguson and economist Moritz Schularick in order to show the symbolic relationship between the two most developed economies of the world. These two economies are China and America. The name of these two economies was combined to come up with a single term by expelling last two words of China and first letter of the word America. So the term “Chimerica” basically represents two developed economies China and America.
This term was first used in late 2006 as these two economies were closely related to each other at that time and were working closely. These two economies were helping each other to overcome the problems faced by them individually. Both of them form the global power as they contributes one third of global gross domestic product (GDP) and forms one fourth of the global population. These two countries account for around 13 percent of surface also. They have also contributed to almost half of the economic growth at global level also for last six years.
Mr. Ferguson used the term “Chimerica” as he observed that these two economies have worked too closely and judged these economies to be responsible for the financial crisis of year 2008-09. According to him, Chinese saved a lot and American overspent which resulted in the huge amount of wealth creation over the period and resulted into the global financial crisis of 2008-09. He suggested that the interlinking of these economies also helped in saving the global economy from disastrous results. These two economies are interlinked in such a way that if these two economies decoupled themselves and started working in isolation, it can result into the disastrous global economy.
弗格森用“中美共同体”这一术语,因为他注意到,这两个经济体过于密切工作,判断这些经济体负责2008年- 09年的金融危机。根据他的说法,中国救了很多和美国超支,导致大量的财富创造在此期间导致了2008 – 09年的全球金融危机。他建议这些经济体的互连也帮助拯救全球经济的灾难性的后果。这两个经济体都缠在一起,如果这两个经济体脱钩,开始孤立的工作,它可以导致灾难性的全球经济。