With the active reform of socialist market economy, the interest rate marketization reform in China has been carried out for more than 20 years, and the initial goals of the highest deposit interest rate and the lower loan interest rate have been basically achieved. However, due to the lack of market-oriented interest rates, China's interest rate marketization reform is still lagging behind, which limits the further deepening of China's market economy. Shibor proposal is an important step in the interest rate marketization reform in China. This document will become an interest rate system with China characteristics, its advantages and disadvantages, and shibor will play an important role in implementing the interest rate marketization reform.