- From 1970 to 1992 he took top jobs at several pro-democracy and pro-independence organizations.
- Studied law and political science at what was then Imperial Tokyo University, later rebranded as the University of Tokyo. He returned to Taiwan to continue his education at National Taiwan University and obtained a bachelor's degree in political science in 1948.
- Peng returned to Taiwan in 1992 at the invitation of then President Lee Teng-hui. He joined the DPP in 1995 and ran against Lee in the country's first direct presidential election on behalf of the DPP.
- In 1954 he returned to Taiwan to teach at National Taiwan University.
- Generalissimo Chiang Kai-shek appointed Peng as an advisor to Taiwan's delegation to the United Nations in 1961, the highest political position held by a native Taiwanese person at the time.
- Following graduation he briefly worked at a bank and then did a master's degree in law at McGill University in Canada and a doctoral degree in international law at the University of Paris in 1954.
- In 2020 he served as the national policy advisor to former Taiwanese President Chen Shui-bian.
- In 1964 he jointly drafted, "A Manifesto to Save Taiwan," which advocated rewriting the outdated constitution to reflect political reality, safeguard human rights, and to create a responsible government, as well as joining the U.N. with a new identity - as Taiwan rather than "China." The attempt to update the constitution failed and Peng was handed a jail sentence of eight years. However, Peng managed to escape to Sweden and then the U.S., in 1970.
- He co-founded the Formosan Association for Public Affairs (FAPA) in 1982. This has become one of the most influential Washington-based pro-Taiwan lobby groups.
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