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“There was this incredible liquidity” flooding onto Wall Street from oil exporters, China and other emerging nations during the years when revenues were booming earlier this decade, said Doug Rediker, co-director of the Global Strategic Finance Initiative at the New America Foundation.

Through lopsided trade deficits with China and oil-exporting nations, “the U.S. was exporting [dollars] to other countries, and they needed to do something with them. They had to put the money to work” by investing in U.S. markets, Mr. Rediker said.

Earlier this decade, the easy money fed the U.S. housing bubble and a credit bubble as Wall Street traders funneled much of the money into mortgage securities and complicated mortgage derivatives.

But now that process has reversed course, and the consequence is a profound shortage of credit in the United States, he said.

Compared with the abrupt withdrawal of funds from U.S. markets by oil exporters, China’s pullback of investments since the summer has been gentler, and likely will continue to be gradual as it diverts more of its surpluses to stimulating domestic growth, analysts said.

“This won’t end Chinese demand for U.S. assets,” said Brad Setser, analyst with the Council on Foreign Relations, and if the withdrawal of Chinese funds forces Americans to save more and spend less on credit, “all that is good.”

China’s current boycott of Fannie and Freddie securities does threaten to raise mortgage interest rates, Mr. Setser said. Since the Fannie and Freddie sell-off began this summer, the interest rates on Fannie and Freddie debt have risen, lifting the rates on 30-year mortgages guaranteed by the agencies, despite their explicit backing now from the U.S. government.

“I do worry that China has stopped buying [agency mortgage securities] and instead is only buying Treasuries; it would be better if China gradually reduced its purchases of both as it stimulates its own economy,” Mr. Setser said. “But I would rather see China buy more U.S. goods than see China increase its overall purchases of U.S. debt.”

Analysts note that some U.S. companies stand to benefit from China’s increased spending on building projects. The stock of Caterpillar, a top U.S. construction equipment maker, and General Electric, which manufactures nuclear power plant generators, rose strongly after China announced the program last weekend.

China’s growth program, which amounts to more than 18 percent of China’s yearly economic output, also promises to boost the economies of countries that export raw materials. China’s rapid development earlier this year lifted the prices of most major commodities, including oil, copper and soybeans, to record levels.

“China’s stimulus package should have a major impact on stabilizing global growth,” and likely was designed in part to impress the major economic powers attending this weekend’s G-20 meeting with the growing importance of China in the world economy, Mr. Sowanick said.

“It is good for China and the global economy. However, its economic impact on the U.S. won’t be noticeable, not right away, anyway,” said Sung Won Sohn, economics professor at California State University.

Although the infrastructure spending will leave China with less money to invest in the U.S. over the next decade or so, the Asian giant should not have to sell its existing war chest of U.S. securities to finance the program, he said.