Abstract: Wen Hui Bao which published in Shanghai during the period of Gudao reached its summit between July and August of 1938,then to decline,and finally was compelled to stop its operation.This result was due to four aspects,including the increased competition with the other newspapers,which constrained its continued development,its poor management,which weakened its ability to respond to environmental change,the deterioration of Gudao's society,bribing from Wang Jingwei to H·M·Cumine,which was the key to leading to the publication suspension of "Wen Hui Bao".