The first issue was published on November, 1949. Its chief executive was Hu Shi and its editor-in-chief was Lei Chen (雷震), both mainlanders.
The publication was sponsored by the Kuomintang-led government to act as a forum for free thought and discussion against the People's Republic of China. Its popularity soared as the editors and writers analyzed political situations at the time, sometimes even advising or criticizing the government in earnest.
The publication ceased in 1960 when the government forced a shut-down after Lei criticized Chiang Kai-shek for running for President unconstitutionally and promoted forming "Democratic Republic of Chinese Taiwan" (中華臺灣民主國) to counter the People's Republic of China.