Professor Cheung has said this paper is another peak of his academic achievement. It is thus very worthwhile to spend time to study this work.
I like the idea of adopting Contractual Arrangement as the theoretical basis for the concept is more comprehensive and fundamental compared to property rights, institutions (which are simply various types of contractual arrangement). Using regional competition to interpret the growth of China is another powerful approach.
I expect Cheung to go more in depth the role of government in marketization. It also surprises me that the process of establishing necessary infrastructures (especially the legal and financial ones) is not covered. The part on China’s monetary policy is interesting but there is obviously a lack of details, especially without touching how China has relaxed her capital control on a gradual basis.