Abstract: China fair competition exemption institution needs to be further improved.As far as its appropriate construction is concerned,it should be further discussed from three aspects:value goal,institution construction and the operation of program.At the level of value goal,competition order is the basic value of fair competition investigation institution,which determines the priority value of exemption institution,so public interest should be at the second.At the level of institution construction,the choice of ex ante enforcement and case immunity should be the major content.At the level of program operation,it is a general requirement to prevent the abuse of exemption,strict process control being the realistic path to achieve this requirement.All aspects in this process,including initiation,investigation,approval and supervision should follow this requirement.

Key words: fair competition investigation, exemption institution, value goal, institutional construction, program operation