diff --git a/migration/migration.c b/migration/migration.c
index 8e7ee0d76b..84a556a4ac 100644
--- a/migration/migration.c
+++ b/migration/migration.c
@@ -930,6 +930,7 @@ static void populate_ram_info(MigrationInfo *info, MigrationState *s)
         info->xbzrle_cache->pages = xbzrle_counters.pages;
         info->xbzrle_cache->cache_miss = xbzrle_counters.cache_miss;
         info->xbzrle_cache->cache_miss_rate = xbzrle_counters.cache_miss_rate;
+        info->xbzrle_cache->encoding_rate = xbzrle_counters.encoding_rate;
         info->xbzrle_cache->overflow = xbzrle_counters.overflow;
     }
 
diff --git a/migration/ram.c b/migration/ram.c
index bca5878f25..c87c38ec80 100644
--- a/migration/ram.c
+++ b/migration/ram.c
@@ -327,6 +327,10 @@ struct RAMState {
     uint64_t num_dirty_pages_period;
     /* xbzrle misses since the beginning of the period */
     uint64_t xbzrle_cache_miss_prev;
+    /* Amount of xbzrle pages since the beginning of the period */
+    uint64_t xbzrle_pages_prev;
+    /* Amount of encoded bytes since the beginning of the period */
+    uint64_t encoded_size_prev;
 
     /* compression statistics since the beginning of the period */
     /* amount of count that no free thread to compress data */
@@ -696,6 +700,18 @@ static int save_xbzrle_page(RAMState *rs, uint8_t **current_data,
         return -1;
     }
 
+    /*
+     * Reaching here means the page has hit the xbzrle cache, no matter what
+     * encoding result it is (normal encoding, overflow or skipping the page),
+     * count the page as encoded. This is used to caculate the encoding rate.
+     *
+     * Example: 2 pages (8KB) being encoded, first page encoding generates 2KB,
+     * 2nd page turns out to be skipped (i.e. no new bytes written to the
+     * page), the overall encoding rate will be 8KB / 2KB = 4, which has the
+     * skipped page included. In this way, the encoding rate can tell if the
+     * guest page is good for xbzrle encoding.
+     */
+    xbzrle_counters.pages++;
     prev_cached_page = get_cached_data(XBZRLE.cache, current_addr);
 
     /* save current buffer into memory */
@@ -736,7 +752,6 @@ static int save_xbzrle_page(RAMState *rs, uint8_t **current_data,
     qemu_put_be16(rs->f, encoded_size);
     qemu_put_buffer(rs->f, XBZRLE.encoded_buf, encoded_size);
     bytes_xbzrle += encoded_size + 1 + 2;
-    xbzrle_counters.pages++;
     xbzrle_counters.encoded_size += encoded_size;
     ram_counters.transferred += bytes_xbzrle;
 
@@ -859,7 +874,7 @@ uint64_t ram_get_total_transferred_pages(void)
 static void migration_update_rates(RAMState *rs, int64_t end_time)
 {
     uint64_t page_count = rs->target_page_count - rs->target_page_count_prev;
-    double compressed_size;
+    double compressed_size, encoded_size, unencoded_size;
 
     /* calculate period counters */
     ram_counters.dirty_pages_rate = rs->num_dirty_pages_period * 1000
@@ -873,6 +888,18 @@ static void migration_update_rates(RAMState *rs, int64_t end_time)
         xbzrle_counters.cache_miss_rate = (double)(xbzrle_counters.cache_miss -
             rs->xbzrle_cache_miss_prev) / page_count;
         rs->xbzrle_cache_miss_prev = xbzrle_counters.cache_miss;
+        unencoded_size = (xbzrle_counters.pages - rs->xbzrle_pages_prev) *
+                         TARGET_PAGE_SIZE;
+        encoded_size = xbzrle_counters.encoded_size - rs->encoded_size_prev;
+        if (xbzrle_counters.pages == rs->xbzrle_pages_prev) {
+            xbzrle_counters.encoding_rate = 0;
+        } else if (!encoded_size) {
+            xbzrle_counters.encoding_rate = UINT64_MAX;
+        } else {
+            xbzrle_counters.encoding_rate = unencoded_size / encoded_size;
+        }
+        rs->xbzrle_pages_prev = xbzrle_counters.pages;
+        rs->encoded_size_prev = xbzrle_counters.encoded_size;
     }
 
     if (migrate_use_compression()) {
diff --git a/monitor/hmp-cmds.c b/monitor/hmp-cmds.c
index 6d3b35ca64..07f41e582f 100644
--- a/monitor/hmp-cmds.c
+++ b/monitor/hmp-cmds.c
@@ -303,6 +303,8 @@ void hmp_info_migrate(Monitor *mon, const QDict *qdict)
                        info->xbzrle_cache->cache_miss);
         monitor_printf(mon, "xbzrle cache miss rate: %0.2f\n",
                        info->xbzrle_cache->cache_miss_rate);
+        monitor_printf(mon, "xbzrle encoding rate: %0.2f\n",
+                       info->xbzrle_cache->encoding_rate);
         monitor_printf(mon, "xbzrle overflow: %" PRIu64 "\n",
                        info->xbzrle_cache->overflow);
     }
diff --git a/qapi/migration.json b/qapi/migration.json
index bf195ff6ac..ee4513c565 100644
--- a/qapi/migration.json
+++ b/qapi/migration.json
@@ -70,6 +70,8 @@
 #
 # @cache-miss-rate: rate of cache miss (since 2.1)
 #
+# @encoding-rate: rate of cache miss
+#
 # @overflow: number of overflows
 #
 # Since: 1.2
@@ -77,7 +79,7 @@
 { 'struct': 'XBZRLECacheStats',
   'data': {'cache-size': 'int', 'encoded_size': 'int', 'pages': 'int',
            'cache-miss': 'int', 'cache-miss-rate': 'number',
-           'overflow': 'int' } }
+           'encoding-rate': 'number', 'overflow': 'int' } }
 
 ##
 # @CompressionStats:
@@ -337,6 +339,7 @@
 #             "pages":2444343,
 #             "cache-miss":2244,
 #             "cache-miss-rate":0.123,
+#             "encoding-rate":80.1,
 #             "overflow":34434
 #          }
 #       }
diff --git a/slirp b/slirp
index 55ab21c9a3..126c04acba 160000
--- a/slirp
+++ b/slirp
@@ -1 +1 @@
-Subproject commit 55ab21c9a36852915b81f1b41ebaf3b6509dd8ba
+Subproject commit 126c04acbabd7ad32c2b018fe10dfac2a3bc1210
