Good, pink paper for wrapping one’s present (4)
I believe the answer is:
gift
'present' is the definition.
(I know that present can be written as gift)
'good pink paper for wrapping one's' is the wordplay.
'good' becomes 'g' (abbreviation).
'pink paper' becomes 'FT' (Financial Times).
'for wrapping' indicates putting letters inside (inserted letters are wrapped up).
'one' becomes 'I' (Roman numeral).
'g'+'ft'='gft'
'gft' going around 'i' is 'GIFT'.
(Other definitions for gift that I've seen before include "Knack" , "Special aptitude - present" , "Donation" , "Present or special talent" , "[BOUNTY] ?" .)