Kirill Babaev, director of the Institute of China and Modern Asia at the Russian Academy of Sciences Photo: Courtesy of Chongyang Institute for Financial Studies at Renmin University of China

The US has always been seeking Roman empire-style global hegemony, but in fact it has been losing its financial, economic, and political advantages, said Kirill Babaev, director of the Institute of China and Modern Asia at the Russian Academy of Sciences, at an academic forum on Thursday gathering scholars from China, Russia and the US at the Chongyang Institute for Financial Studies, Renmin University of China.

Babaev told the Global Times that the balance of the world is now focusing on China, the US and Russia. The global power balance cannot be achieved without the contribution of all three parties.

According to Babaev, there are three dangerous trends affecting the global landscape. First, many countries refuse to cooperate and consult, and conflicts are occurring frequently around the world. Second, Western countries neither understand the reality of China, nor China's political choices, and politicians always care about short-term gain instead of the long term one. They are trapped by the media, allow public opinion to decide their own policies, and fail to make the right strategic planning. Third, some major powers think that they can control other countries with power politics and achieve their own goals by creating and participating in conflicts, as can be seen from the US' intervention in the Russia-Ukraine conflict.

Amid such a background, what is the way out for the three countries?

Babaev said that one of the most important things for Russia now is to further integrate its own strategy and development plan with China. China and Russia can create a unified economic space and secure and stable markets across Eurasia.

The US is clearly trying to contain China and Russia by controlling the seas. In the current situation, better relations between China and Russia would be a good way out, he said.

Babaev said that China will not export its political ideology, but only share benefits through economic and foreign trade investment, with the Belt and Road Initiative offering an example.

The US is trying desperately to maintain its "king's throne," but its long-held financial, economic and political advantages are fading, Babaev noted.