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In internet era, companies have to design good e business model to gain competitive advantages. Research on e business model design attracts interests of academia and industry. Based on the analysis of business model, the meanings of business model design are classified into economic, strategic, operational and integrated level. From value activity system perspective, a framework of e-business model design is proposed, which regards e-business model as a value activity system. Design of e-business model includes determining the parameters of architecture and functions of the activity system. The design of architecture includes selection of activities, planning of linkage between activities and decision of governance of activities. The design of functions determines the customer value, partner value and enterprise value, which can be classified into novelty, lock-in, complementarian and efficiency theme.