But Thursday’s move means that as the Biden administration blitzes Capitol Hill pushing for standalone legislation to boost chip production, much of the larger China competition package that the chip funding was paired with will likely end up on the cutting room floor. The White House had urged lawmakers to jettison the broader China-focused legislation and act on the chips money to address national security and supply chain concerns. “It will be unfortunate. It will be a chips bill, which is critically important, but it won’t be a China strategy bill,” said Senate Foreign Relations Committee Chair Bob Menendez (D-N.J.),…