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The Future of Asia 2022

Business 'costs will go up' in divided world, expert tells Nikkei forum

Ukraine war, U.S.-China rivalry force dramatic shift in strategies

Raymund Chao, chairman for the Asia-Pacific and China at consultancy PwC, appears on screen during a discussion with Japan Association of Corporate Executives Vice Chairman Mitsunobu Koshiba. (Photo by Suzu Takahashi) 

TOKYO -- Companies need to pay attention to local regulations instead of simply pursuing global scale to maximize profits, experts agreed on Friday, as the Russia-Ukraine war and growing U.S.-China tensions disrupt supply chains.

"The traditional thinking when the world was very globalized was that companies were looking for efficiencies to maximize the effectiveness of the results," Raymund Chao, chairman for the Asia-Pacific and China at consultancy PwC, said during a panel discussion at Nikkei's Future of Asia conference. "In today's world, that's the wrong agenda. Because one size does not fit all."

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