The Xueheng 學衡 "Critical review" was an academic periodical published in Nanjing between 1922 and 1933 (79 issues) by a group of Chinese intellectuals advocating a gradual reform of Chinese cultural values instead of destroying them. The latter standpoint was vehemently brought forward by many young students who, after the May Fourth Movement 五四運動, wanted to abandon all traditional values, which were seen as an obstacle to political, economic and social modernization.
The publishers of Xueheng, on the other side, many of them professors from the Southeast University 東南大學, wanted to learn from the West in many different fields of scholarship. A lot of them had experience abroad. Yang Guangdi 楊光迪 and Wu Mi 吳宓, for example, had studied literature at Harvard. Adherents of the New Culture Movement (xin wenhua yundong 新文化運動) criticized the publishers of Xueheng who wanted to reconcile traditional Chinese values with learning from the West and called them reactionaries. The Xueheng was discontinued in 1933, long after the debate about China’s modernization had ended.
Source: Bao Renjuan 包仁娟 (1992). "Xueheng 學衡", in: Zhongguo da baike quanshu 中國大百科全書, Zhongguo lishi 中國歷史, vol. 3, p. 1345. Beijing/Shanghai: Zhongguo da baike quanshu chubanshe.