China's interest rate marketization reform began at 1978, but the progress was very slow, seriously lagging behind other economic reforms, and it was not until 1996 that substantial steps were taken. From 65438 to 0996, the national debt began to be issued in the market, and some national debt issuance rates were subject to market bidding; In June of the same year, the national unified interbank lending rate was liberalized, and both borrowers and lenders decided independently according to market supply and demand. During the period of 1998, the financial bonds of policy banks were issued by interest rate bidding. In June 1998, June 10 and September 1999, the central bank expanded the floating range of loan interest rates for small and medium-sized enterprises in commercial banks twice. 1999 Liberalize RMB loans from foreign banks and deposit rates of more than 5 years and 30 million yuan from insurance companies. In 2000, the control of stock pledge financing and its interest rate determination was relaxed in principle.