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Objective: the study is to establish the innovation value idea, improve the design innovation ability, promote upgrade of the industry, lower the product consumption, reduce the environmental pollution and promote leap of innovative products toward the middle and high end of the value chain. Method: for the product innovation, this paper puts forward application of the theory of value engineering and the comprehensive research methods such as system analysis, system induction, system evaluation, theoretical modeling. Conclusion: this paper comes to the conclusions that the product design innovation is the overall innovation of value, function and cost evaluation throughout the whole life of products; through innovation, we can optimize the function of products, reduce the cost, realize the maximum social value and obtain the reliable criterion of the value innovation. Keywords—product design; value engineering; innovation; maximum value

Product Design Innovation Based on the Theory of Value Engineering