Crescent Society was founded in Beijing, 1923. 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. They took the Morning Post Supplement as their position, and later founded Poetry Weekly and Crescent Monthly. Crescent Society is a faction involving politics, ideology, scholarship and literature, which shows the characteristics of bourgeois liberalism in thought and organization. Its main contribution in the history of modern literature in China lies in new poetry. Wen Yiduo, Xu Zhimo and others put forward the idea of new metrical poetry in view of the prosaic tendency embodied in free verse. They have an aesthetic tendency to pursue the art of poetry, but this is of great significance to the development of the artistic skills of new poetry at that time. Xu Zhimo's Farewell to Cambridge and Wen Yiduo's Dead Water are both representative works of the Crescent School.