Given the huge negative externalities resulting in bankruptcy of SIFIs, countries are more inclined to bailout not to leave them to fail. But “too big to fail”may trigger moral hazard and distort fair competition. International organizations have put forward a series of solutions and suggestions about crisis intervention of SIFIs, among which contingent capital project in bail-in arrangement is grabbing great attention as an important capital instrument. Contingent capital doesn’t only have the function of prevention, early rescue and bail-in, but also effectively improves corporate governance structure and perfectly accords with the three pillar principles of Basel Accords II. However, there are also great uncertainty, price fluctuation, cost-effectiveness impairment and other problems in contingent capital. It needs combination with relative specific rules to design and establish the contingent capital system including issuing size, issuing procedure, design and transformation conditions that is fit for China’s financial market environment.