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This paper presents a new asymmetric Lyapunov-Krasovskii functional (LKF) method on the stability and stabilization of Takagi-Sugeno (T-S) fuzzy systems with time delay. For the reduction of conservativeness, combining the method with membership-function-dependent approach, we propose a novel delay-dependent stability condition in the form of linear matrix inequalities (LMIs). Based on the condition, we further obtain a novel condition of stabilization. At the end, we provide two numerical examples to verify the advantage of the stability and stabilization approaches, respectively. IEEE