let s start with china, because it s currently holding its annual two day national people s congress and has set out its economic forecast for the year. premier li keqiang told a packed audience in beijing on sunday, that the government hoped to achieve economic growth of around 5% in 2023. the figure is in line with most analyst predictions. last year, successive strict lockdowns slowed china s growth. official figures show the world s second largest economy grew by 3% last year, which was way below the government target of five and a half % and its slowest for decades. lets discuss this with louise loo, senior economist at oxford economics. there s widely expected to be a big shakeup in the team handling the economy. around 5%, it probably implies that growth as low as 4.5% is probably acceptable to the government and we do think that means the policy matters that we see will be a little bit more than what we expect last year. more than what we expect last ear. , , , ye
companies. companies. louise, we appreciate companies. louise, we appreciate your - companies. louise, we appreciate your time. i staying with china, one company potentially looking to move some of its operations out of the country is foxconn. according to various reports, the taiwanese firm which makes apple s iphones is considering moving some of its production to india. on friday, the southern indian state of karnataka said foxconn had announced a major deal there, which could generate 100,000 jobs over the next decade. last year, foxconn s operations in china were hit by supply chain problems due to the country s strict covid lockdowns. let s go live to our bureau in delhi to get the latest from our india business correspondent arunoday mukharji. a hiring spree of 100,000 in karnataka, do they have skilled workers for this sort of operation? is it known for it s high level tech staff? there is a lot of speculation about this, what are you hearing?
ends. but it is pointing towards the fact we might see more in the financial system and further consolidation in different ministries as well as some of these top government, allies of president president xi. allies of president president xi.- allies of president president xi. ~ . ., ., , president xi. we have already seen strict president xi. we have already seen strict controls president xi. we have already seen strict controls of - president xi. we have already seen strict controls of the - seen strict controls of the tech sector in china is a beset set to continue? to tech sector in china is a beset set to continue? tech sector in china is a beset set to continue? to the extent it doesn t set to continue? to the extent it doesn t undermine - set to continue? to the extent it doesn t undermine growth. l it doesn t undermine growth. the government will be looking at easing some of the policy that has put in place over the last few years. it would be mindful of the fact
another example of what the state is going to capitalise on. it is also a state that is going to elections so that is why we have seen chatter from politicians talking but this $100,000 job creation that make 100,000 job creations. all of these factors need to be considered when we are talking about this kind of project but yes, the fact is land has been earmarked for this particular project and foxconn which manufactures india s iphones in the southern state is also looking to increase its footprint in india because apple only has a market share of about 4% in the country but the mobile market in as in india is still dominated by the much more affordable chinese brands and this is a way in which they are looking to increase their footprint especially in a claimant when the indian government has doled out several financial incentives to companies like