The stock market is often seen as a reflection of the economy, but it doesn't always predict economic trends accurately, especially in emerging markets like China. By comparing the US and Chinese stock markets, researchers found that different sectors lead the economy at different times. In the US, sectors like consumption, industry, and real estate have been leading since 2013, while in China, real estate and industry have been leading since 2010. The relationship between the consumption sector and total retail sales is not always straightforward in China. This shows that immature stock markets can struggle to accurately reflect economic conditions due to factors like irrational market behavior.