leading indicator

Somehow, the Chinese market has become a leading indicator:

China’s stock market has foreshadowed moves in global equities the past two years. It peaked on Oct. 16, 2007, two weeks before the MSCI All-Country World Index. The Shanghai index fell 72 percent from its 2007 high and bottomed on Nov. 4, 2008, four months before the MSCI index. The Chinese measure reached its 2009 high on Aug. 4, seven trading days before the global index.

Curious, but not sure if this is statistically significant. If so, the question becomes why. What drives this process. Credit flow?