The idea of a race, a zero sum game when it comes to development, is an uniquely Western way of thinking. This is how we drive ourselves. We won't go to the moon - who cares about that? Unless of course the Soviets are trying to get there ... then we will spare no expense.
In other words it is a ploy that pundits promote in order to get money to their military industrial backers.
The GDP pr person in China is between 1/6 to 1/3 of the US (depending on how you measure). Any Chinese leader, including Xi, will tell you that the China will be developing, catching up, for the next many decades.