In order to understand the error characteristics of the latest GPM satellite precipitation products, this paper analyzed the errorcharacteristics and performance of the new rainfall products———IMERG products and GSMap-Gauge products for the river basins of HuaiheRiver and Haihe based on the China Daily Precipitation Analysis Product (CPAP) from April 2014 to March 2016. Several metrics includingCorrelation Coefficient (CC), Mean Error (ME), FAR, POD and six extreme precipitation indices were used to evaluate these two products. Theresults indicate that: (1) The spatial distribution of the total error of the two kinds of satellite precipitation products is completely different,overestimation is the main manifestation, the influence of elevation factor to GSMap-Gauge products is relatively small. Both of the products havea very good agreement with the reference data when the daily rainfall is light (<8mm / day). (2) The products work well on the percentile indicators(RR99p and RR95p) and the absolute threshold (R20 and R20TOT), the correlation coefficients are more than 0.84. For the duration (CWD andCDD), the performance of the both products is not good, but the GSMap-Gauge product is still better. (3) GSMap-Gauge products are always betterin both day and month scales. No matter the POD or the FAR, GSMap-Gauge product performance is always more excellent. The accuracy ofmonthly rainfall estimation is significantly higher than that of daily rainfall.