JINAN -- The world is at the end of Western hegemony and will not move to the hegemonic dominance of any single country, but instead to a world of harmony in diversity, said a renowned US economist on Wednesday.

Jeffrey D. Sachs, director of the Center for Sustainable Development at Columbia University in the US, made the remarks at the Nishan Forum on World Civilizations held in Qufu, the birthplace of Confucius in East China's Shandong province.

Calling the event a "meeting for world peace," Sachs pointed out the striking contrast between the forum and the North Atlantic Treaty Organization summit held in Washington, DC. "It is about war," he said.

"It has been hundreds of years in which the North Atlantic nations of Europe, and then the United States presumed not to coexist with other countries, but to dominate them," said the US scholar.

Noting that Asia's economic output today has accounted for over half of the world for the first time in two centuries, Sachs said this reflects the rising prosperity of Asia and its remarkable technological and economic achievements.

"The center of gravity of the world economy has moved back to Asia," he added.

Meanwhile, he attributed the end of Western hegemony to the rise of countries like China and India. "Fortunately, no other major country seeks to dominate the world in the way the Western powers sought to dominate the world."

Formulating a vision for a post-hegemony era with a shared future, Sachs said the world is moving toward the Confucian ideal of "harmony in diversity," where no single power or region dominates.

"This is why being here in Qufu, in the birthplace of Confucius, is so vital and exciting for all of us," he said.

According to Sachs, cultivating truly global ethics is essential in a world of shared resources and challenges. Inspired by Confucius and other great sages, these ethics emphasize reciprocity, mutual respect and benevolence. Understanding and applying these principles can lead to global peace and cooperation.

"We are inextricably bound together. We share the world's climate, oceans, air, biodiversity and food supply. Our fate is common. That is why harmony is absolutely essential," said the scholar.

Sachs, a US economist renowned for his strategies to address complex global challenges, is one of the leading figures in sustainable development and serves as president of the UN Sustainable Development Solutions Network. He has also authored and edited numerous books, including three New York Times best-sellers.