Xiaowen Fan，Associate Professor，Doctor of Economics and Master’s Supervisor of China Center for Special Economic Zone Research，Shenzhen University. Funded by the project of China Center for Special Economic Zone Research，Shenzhen University（00000319），the paper is a revision based on the paper‘Thoughts on the Institutional Arrangement and Guangdong Economic Development Transformation’that was awarded the First Prize（12A03）of Excellent Paper for 2012 Guangdong Social Sciences Academic Annual Conference.