The recent devastating earthquake in China will push record food prices in the country even higher. However, experts say the earthquake will not slow economic growth.

“There will be less supply of pork, less supply of rice,” said Sun Mingchun, a Hong Kong-based economist at Lehman Brothers Holdings, speaking to Bloomberg. “It’s not causing supply to decline drastically but it is definitely less. The impact on inflation is more than its impact on growth.”

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Premier Wen Jiabao said in a statement today that the quake makes the outlook uncertain and that that there could be upward pressure on prices. He also announced that the government is setting up a 70 billion yuan ($10 billion) fund to pay for reconstruction work.

Chinese wireless technology companies are still a safe bet though, says Wayne Mulligan in Penny Sleuth.

“The ‘hot’ market is China and one of the fastest growing sectors is wireless technology. And now we’ll add some market capitalization requirements — let’s say that we’ll be examining wireless companies that are trading under a $500 million market cap.

“Immediately, three companies show up on my radar: China TechFaith Wireless (CNTF: NASDAQ), Qiao Xing Mobile Communication (QXM: NYSE) and Orsus Xelent Technologies (ORS: AMEX).

“China TechFaith designs and manufactures mobile handsets for the Chinese market and abroad. They’ve had a rough go of it for the last two years, but the last 12 months have treated the company well.”

Read on here to find out more about profiting from these hot China tech plays.