Foreign Economic and Trade Functional Park（FETFP）is an exclusive geo-economic jurisdictional zone of international trade and investment functions. Foreign Trade Functional Parks not only provide the impetus for Guangdong’s economic development，but also set an example for the whole country. The FETFP includes Special Economic Zone，Special Supervision Area of the Customs，Economic-Technological Development Area，High-tech development zone and all kinds of export base，and the meaning of its institutional forms and institutional change is very rich. Through intensive studies of various functional parks，we find that the essence of them is the institutional innovation of “antecedence and foretaste” and the institutional arrangements of “positive list plus preferential policies”，which make a historic contribution to promoting Guangdong and the country’s economic reform. The FETFP gather various elements at home and abroad by institutional innovation，resulting in rational allocation of elements and the formation of economic zone with industrial structure optimization，output efficiency and competitive advantage. Under the background of new political and economic situation，Guangdong functional parks are facing unprecedented challenges，we must carry out “institutional recreation” and explore the mode of “negative list，access to national treatment，after the access regulation”，creating a fair competition environment，achieving the free flow of elements and efficient allocation and continuing to lead the regional institutional innovation and economic development.