This article is the Chinese version of the keynote speech delivered on September 23, 2005 at the Third ANQ Conference & 19th Asian Quality Symposium held at Taipei. Two major issues are addressed, namely, (1) Can Total Ethical Management take the place of TQM? (2)What impact can the Ethical Management bring upon TQM? To answer the first, some of Peter Drucker's view points on the similarity and difference between Ethical Management and Quality Management have been adapted. To answer the second, the author proposed the idea of Character Based Quality Management.