Potential economic growth in China could be lower and the country's coming slowdown more pronounced than many economists think, a working paper published this month by the Banque de France argues.

In The long landing scenario: rebalancing from overinvestment and excessive credit growth, Marie Albert, Cristina Jude and Cyril Rebillard look at the implications for the Chinese economy of coping with the end of a credit boom.

The authors present a model of the Chinese economy in which financial