As revealed by some official sources, the main theme of the fourth plenary session of the 18th CPC Central Committee is rule of law. ANBOUND research team thinks that in the financial field, the crisis of ultra-date debt could become the touch-stone for China's rule of law. Viewing from current situation, with the administrative influence, the ultra-date debt is suspected of being resolved in a rules-violating way. This conforms to the unspoken rules of China’s financial market development, has many previous examples to follow and also shows that the road to rule of law is still tough and long.