The World Economic Herald was a newspaper founded in April 1980 and was closed down by the Chinese government in May 1989 due to its dissident voice. The World Economic Herald was widely regarded as the most influential and important weekly newspaper in China in the 1980s. It became the leading publication pushing political as well as economic reform in China. This key publication in history has yet to receive much scholarly attention. By examining the evolution of the World Economic Herald from 1980 to 1989, this thesis explores the political and financial support behind the newspaper and, more importantly, the changing contents of the World Economic Herald. The year 1985 is seen a turning point for the World Economic Herald. After 1985, the World Economic Herald moved gradually toward being more of a politically dissident newspaper from an economic newspaper. The changes in the political patronage behind the newspaper played a crucial role in the fate of the World Economic Herald.