Based on the analysis of the defects of the two popular E-business models currently used, and the study of the needs of current Chinese companies, the paper proposed a new B2B E-business model based on P2P. This paper discussed the architecture, information flow and key technologies of the new model, together with the structure of the market constructed on this model. It states that, given the incomplete credit system of China, the P2P based E-business model is feasible and advantageous, is a beneficial supplement to the existed models.