By Laurie Chen, Michael Martina BEIJING/WASHINGTON (Reuters) -When the leaders of some of the world's largest companies flocked to Beijing for a business forum last month, their main purpose was a coveted meeting with Chinese leader Xi Jinping.

China’s manufacturing engine is sputtering, with new data revealing the most severe hit to China’s economy since the COVID shutdown. The country’s economy slipped from growth to contraction after the Purchasing Managers’ Index (PMI) fell below 50 in April.