The Globe and Mail reports in its Friday edition that there have been numerous periods in the past two decades when China has contributed 50 per cent or more to global GDP growth but the economy has been struggling in 2023. The Globe's Scott Barlow writes that Citi economist Xiangrong Yu reported some alarming credit data that suggest the appetite for risk is falling quickly. Total loans in China for July fell to the lowest level since 2009. Mr. Yu adds that "the details are even worse than the headline numbers" and that "the extremely low risk appetite of households is very concerning amid intensifying property concerns." Chinese infrastructure development and construction activity is a key determinant of global resource demand and commodity prices and is thus a driver of profit growth on the Toronto Stock Exchange. China's government is expected to announce further stimulus measures in the weeks ahead, but the stubborn stagnation in growth is a risk for domestic investors. A year ago, macroeconomic factors such as interest rates and growth in gross domestic product accounted for 69 per cent of stock market returns. This year, individual company news dominates, responsible for 71 per cent of returns.