As the OP, I'm pleased that a lot of comment has been generated. Even though I used VA as an example, this is not a story about a dysfunctional airline. It's much bigger than that (thanks to Global Aviator, Delta Sierra and Lambswool, and others for recognising this). China is a communist regime run by a dictator who has awarded himself a lifetime position in power. There's no such thing as a free market economy in China. When you buy or sell from/to any Chinese company, you are dealing directly or indirectly with the Chinese state, which of course runs the Chinese military. You can be sure that every time you buy a Chinese product, you are funding their military and their quest to dominate the world. It's called economic colonialism. And it's working because we (the West) are too PC to stop it.
Back to VA, civil aviation in Australia must be seen as a critical national resource. You can't ride a bike between Sydney and Perth. Do we really want the Chinese government controlling the domestic air travel of Australians? Think about that. Do we want them leasing strategic ports, owning prime Australian agriculture production, controlling our internet (kudos to Aus Govt - they did block Huawei, but not so the for the Brits), buying into Pacific islands (more ports, uplifted to military standards), displacing our influence in PNG, this list goes on and on. And let's not even get started into what China is doing in Africa (building multi-lane military grade freeways to Chinese owned ports in countries where the most common mode of transport is a donkey and cart).
Covid should now focus all of us on two things: a) we have lost the ability to manufacture anything ourselves. The entire world is dependent upon China for anything and everything that must be produced. And b), the world is allowing the Chinese state to purchase and run critically important sovereign assets such as power stations and water supplies. This is absolute madness, and we must stop it.