China’s FXI continues its swoon

On a relative basis to the S&P the China ETF FXI has dropped to the level of April 30 2009.  This fact is hard to reconcile with the widely held belief that China is leading the way in the world economy.  Is the S&P saying that the US became the world leader on July 28, 2009, the date at which the FXI peaked versus the S&P, or does it mean the the U.S. market has a bit of euphoria built into its price.