The present study comprehensively analyzes error characteristics and performance of the two latest GPM-era satellite precipitation products over eastern China from April 2014 to March 2016. Analysis results indicate that the two products have totally different spatial distributions of total bias. Many of the underestimations for the GSMap-gauged could be traced to significant hit bias, with a secondary contribution from missed precipitation. For IMERG, total bias illustrates significant overestimation over most of the eastern part of China, except upper reaches of Yangtze and Yellow River basins. GSMap-gauged tends to overestimate light precipitation (<16 mm/day) and underestimate precipitation with rain rate larger than 16 mm/day; however, IMERG underestimates precipitation at rain rate between 8 and 64 mm/day and overestimates precipitation at rain rate more than 64 mm/day. IMERG overestimates extreme precipitation indices (RR99P and R20TOT), with relative bias values of 17.9% and 11.5%, respectively. But GSMap-gauged shows significant underestimation of these indices. In addition, both products performed well in the Huaihe, Liaohe, and Yangtze River basins for extreme precipitation detection. At basin scale comparisons, the GSMap-gauged data has a relatively higher accuracy than IMERG, especially at the Haihe, Huaihe, Liaohe, and Yellow River basins.