五四時期，中國社會的道德觀念發生了重大轉型。隨著個人主義與功利主義逐漸成為道德觀念中的兩個核心理念，儒家德性倫理逐步解紐。傳統道德價值的超越性日漸衰微，道德世俗化的程度大大加深。五四時期的個人，雖然具有強烈的道德自主性，但在五四啟蒙知識分子的思想當中，現代個人的道德自覺，卻依舊遵循著「修齊治平」的「群己」價值尺度。這意味著，人生的意義與價值，不僅僅在於滿足一己私利，而是要為「社會」乃至「全人類」的福祉而奮鬥。他們承續了傳統儒家的「群己觀念」，強調在個人自由和精神獨立的「小我」背後，還有著更高層面的社會責任意識和對人類、對世界文明這一「大我」的關懷。功利主義中崇尚物欲的一面與個人主義中「唯我」的一面，只是更多地影響到市民階層的世俗生活，而無法在五四的啓蒙知識分子當中，真正獲得道義上的正當性。

During the transition from the late Qing Dynasty to the Republic of China, the morality of Chinese society changed in fundamental and widespread ways. During the May Fourth period, the legitimacy of individualism and utilitarianism was generally accepted by modern intellectuals and provided the two main focuses of moral conceptualization. This article analyses the complexity and multiple dimensions of the new morality in the May Fourth period. Although the modern individual possessed a similar radical momentum and moral autonomy, it also needed to base its legitimacy in the ”group-self” relation-as it had done in traditional China. The new morality of the May Fourth era also indicated that the significance of the individual not only lay in self-interest, but also in dedication and service to the whole society. Chinese intellectuals rejected materialism while regarding spiritual aspects of utilitarianism as the core of their outlook of life. Thus, in the viewpoint of intellectuals, the value of ”small self” (individual) came from ”big self” (society), which spurred social responsibility and deep love of the world, and these views became key resources of the new morality in the May Forth period.