Identify some key economic drivers (important economic/institutional/demographic factors that are fundamental and fundamentally different) that make the United States exceptional. Contrast with China.

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The Answer is There would be a multitude of responses to a question like this. I would say some key drivers for the American economy are:
i. Its Institutions: Ranging from its great universities, non-governmental institutions, voluntary organizations (non-profits), religious organizations, corporate governance structures, government institutions, financial institutions (notwithstanding the Great Financial Crisis) regulatory and legal institutions; the United States has invested a great deal in creating institutional capital.
ii. Its Diversity (in terms of race, ethnicity, and religions). This is a historical result of slavery (in the case of black Americans) and later an open immigration policy.
iii. Its Optimistic and Innovative Vision. Americans tend to believe in the unlimited potential of their people and their country and that all problems can be solved with creative thinking.
iv. Consumerism. Possibly the marketing capital of the world, the consumer is king and most American economists make that explicit in their focus on a utility function with consumption as the only argument.
Each of these characteristics (similar to the case of China) offer tradeoffs (good and bad). One contrast would certainly be the savings and consumer nexus. In terms of diversity, China is also culturally diverse across North and South, provinces and localities. In both countries, the accomplishments of a person are what matters rather than his/her class background. China is returning to its historical role as a global innovator and is also a nation of creative problem solvers. China has a long way to go in terms of developing the necessary institutions for sustainable and equitable growth.

Identify Some Key Economic Drivers (Important Economic/institutional/demographic Factors That Are