A Chinese flag flies on a vessel moving past shipping containers being unloaded at a Tianjin Port Group Co. dock in Tianjin, China.

Much attention in recent months has focused on the U.S.-China trade war's impact to global supply chains, and how that could hurt many Asian economies.

That's one way the region may be dragged down by the conflict, but there could be more at risk.

Another important factor, experts said, is a potential slowdown in China's domestic demand for goods from other Asian countries. In fact, Chinese consumption has become increasingly important for its regional neighbors, according to Louis Kuijs, head of Asia Economics at Oxford Economics.

"For most Asian economies, exports to meet Chinese domestic demand have risen much more rapidly than indirect exports via supply chains, with the former now exceeding the latter," Kuijs said in a report Thursday.

"The significant amount of Asian exports used in China's own economy means that in assessing the impact of a U.S.-China trade war, we should expect the effect via China's domestic demand to play a key role," he added.

And while Chinese policy responses to support domestic demand — as well as the relocation of some manufacturers to Southeast Asia — may mitigate some of the negative effects, other Asian economies are unlikely to avoid being hurt, he said.

"In any case, given the significance of its impact on most or all Asian economies, the U.S.-China trade war is likely to remain negative for the region over the coming two years," Kuijs said.