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The Future of Asia 2022

China ex-official warns of Ukraine war's impact on Asian trade

Economic setback may be similar to 2008 financial crisis, says former WTO envoy

Yi Xiaozhun, China's former vice minister of commerce, warns the Ukraine war could trigger economic problems comparable to the 2008 financial crisis. (Photo by Tomoki Mera) 

TOKYO -- Yi Xiaozhun, China's former vice minister of commerce, on Thursday cautioned that trade-dependent Asian countries would be the first to bear the brunt of falling trade flows should the war in Ukraine drag on.

Citing World Trade Organization data, Yi told Nikkei's Future of Asia conference that economic globalization went backwards following the 2008 financial crisis.

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