The 20th National Congress of the Communist Party of China held in October demonstrated the viability, legitimacy and sustainability of socialism with Chinese characteristics and the socialist market economy, which the Party has established to promote economic development and realize the country's modernization for the benefit of not only the Chinese people but also people in the rest of the world.

China's sense of responsibility is reflected in its initiatives such as the Belt and Road Initiative, Global Development Initiative, and Global Security Initiative. Take the Belt and Road Initiative for example, in the nearly past decade, trade in goods between China and Belt and Road partners reached about $12 trillion, and Chinese companies invested $43 billion in overseas economic and trade cooperation zones in partner countries and created 340,000 local jobs.

In stark contrast, after the end of the Cold War, the United States has been hellbent on subjugating the developing world. The resistance of many developed economies against globalization has become the new driving force of modernization in the Western sense of the term.

Washington gradually established the reign of the US dollar after the end of World War II, eliminating the currency exchange system based on real value measured in terms of gold reserves.

After establishing a dollar-centric global economy, Washington has been using the dollar's supremacy in the global economy and international trade to export domestic financial crises to other countries while harvesting global riches and ruining the financial stability of other countries.

Seigniorage is a principal way the United States gains monetary benefits. The cost of printing a $100 bill, for example, is less than 20 cents, while other countries have to pay $100 in goods or services in exchange for the $100 paper currency, and since half of the US currency circulates outside the country, earning substantial revenue for the US Treasury every year, one can imagine the sort of money the US earns from printing currency bills. Also, the US has been maintaining an external deficit year after year, importing more than it exports and consuming more than it produces.

The US' usury capital has established a tributary system, with the US military being the force of coercion. The US hegemony has turned into a "mafia-style dictatorship" which oppresses, exploits and alienates humankind.

Today, one of the priority targets is to change the mechanism to create wealth of the global usurers. The process to seek a fairer world order is taking place on the military, economic and political fronts.

Coming back to the crisis of Western countries, the COVID-19 pandemic has exposed it to the core, which is reflected in the collapse of entire systems, including healthcare and economic systems, in advanced economies. The rich Western countries hoarded more COVID-19 vaccines than they needed, instead of sharing them with developing and least-developed countries.

In stark contrast, President Xi Jinping's proposal to build a community with a shared future for mankind is an inclusive and mutually beneficial development concept.

In fact, the CPC with Xi Jinping at its core is in the best position to further develop scientific socialism, whose application in China has, in no small measure, provided more solutions to the problems facing humankind.

China's proposal to build a community with a shared future for mankind is in stark contrast to the selfish nature of US hegemony. And the crisis the US faces will make Washington face more challenges in keeping its hegemony.

The time has come to develop a global civilization that is people-centric, sharing and values-driven. In a world where production meets human needs, there is no scope for imperialism to dominate every aspect of human life.

The views don't necessarily reflect those of China Daily.

The author is chairman of the Turkish-Chinese Business Development and Friendship Association.

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