2. Crescent Society is a literary society with great influence in the history of modern literature in China. Founded in 1923, it is the largest literary society dedicated to exploring the theory and creation of new poetry since the May 4th Movement. Its activities moved to Shanghai in the spring of 1927 and ended in 1933. Its main members are Hu Shi, Xu Zhimo, Wen Yiduo and Liang Shiqiu. In the early stage, the supplement of Morning Post was taken as the position, and in the later stage, the monthly New Moon (1928.3. 10) and the quarterly Poetry (193 1) were founded. Crescent Society is a faction involving politics, ideology, scholarship and literature, which shows the characteristics of bourgeois liberalism in thought and organization.