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Nineteen of the world’s 20 fastest-growing chip industry firms over the past four quarters, on average, hail from China.

Nineteen of the world’s 20 fastest-growing chip industry firms over the past four quarters, on average, hail from China.

Photographer: Zhao Qirui/VCG/Getty Images

China’s chip industry grows at breakneck speed. Food inflation is set to surge. Biden says recession is not inevitable. Here’s what you need to know today.

China’s chip industry is growing faster than anywhere else in the world, after US sanctions on local champions from Huawei to Hikvision spurred appetite for home-grown components. Nineteen of the world’s 20 fastest-growing chip industry firms over the past four quarters, on average, hail from China, according to data compiled by Bloomberg. That supercharged growth underscores how tensions between Washington and Beijing are transforming the global $550 billion semiconductor industry. Find out what that means here. The news comes as US President Joe Biden said he’ll be talking to Xi Jinping “soon” and is weighing possible action on US tariffs on China that were imposed by the Trump administration.