China Quietly Abandons Goal of Overtaking U.S. Economy

Chinese leader Xi Jinping appeared to revise his long-term economic outlook when he opened a major political event last month, hinting at modest growth that casts fresh doubt on China's capacity to surpass the United States in the future.

Beijing's two-step plan to build what it calls a "great modern socialist country in all respects" by 2049, the centennial of the People's Republic of China, involves first raising levels of public wealth and doubling the national economy by 2035.

To achieve that, economists believed China would need to maintain annual...