In the first period, the interest rate marketization was put forward.

The 14th National Congress of the Communist Party of China (1993) proposed that the long-term goal of China's interest rate reform is to establish a market interest rate management system based on the supply and demand of market funds, with the benchmark interest rate of the central bank as the core of regulation, and the supply and demand of market funds determine various interest rates.

The Third Plenary Session of the 14th CPC Central Committee "Decision of the Central Committee on Several Issues Concerning the Establishment of the Socialist Market Economic System" proposed that the central bank should adjust the benchmark interest rate in time according to the supply and demand of funds, and allow the deposit and loan interest rates of commercial banks to float freely within the prescribed range.

In 2003, the report of the 16th National Congress of the Communist Party of China proposed: steadily push forward the reform of interest rate marketization and optimize the allocation of financial resources.

The Decision of the Central Committee on Several Issues Concerning the Improvement of the Socialist Market Economic System at the Third Plenary Session of the 16th CPC Central Committee further clarified that "the marketization of interest rates should be steadily promoted, the interest rate formation mechanism determined by market supply and demand should be established and improved, and the central bank should use monetary policy tools to guide market interest rates."

In the second period, the basic idea of interest rate marketization reform.

According to the spirit of the Third Plenary Session of the 16th CPC Central Committee, combined with the needs of China's economic and financial development and the opening of the financial market after China's accession to the WTO, the People's Bank of China will gradually establish an interest rate formation mechanism that determines the deposit and loan interest rates of financial institutions by market supply and demand, and the central bank will regulate and guide the market interest rate, so that the market mechanism will play a leading role in the allocation of financial resources.

The third phase, which is the most important part of the interest rate marketization reform process, continues!