Editor's note: This report focuses on Quanzhou as part of our special series, "Rising Star Cities," about Chinese cities whose annual GDP exceeds 1 trillion yuan ($155 billion). At the end of 2021, there were 24 such cities. Click here for more stories on Quanzhou, an ancient trading hub known for its cultural diversity. You can also explore our earlier coverage of Ningbo, Changsha and Chongqing.

With the recent $280 billion U.S. CHIPS and Science Act signed off by President Joe Biden, the competition between the U.S., China, the European Union, and other East Asian countries to shore up their semiconductor capabilities has become increasingly fierce. After a global chip shortage and amid a scarred post-pandemic economy, the shortages are now spreading from autos to smartphones and displays, elevating semiconductors onto the agendas of governments from Washington to Brussels and Beijing. CGTN spoke to Nie Yongzhong, founder and chairman of semiconductor company FATRI Group based in Quanzhou, southeast China's Fujian Province, to find out how this global chip-making race is going to impact Chinese enterprises in this sector.