https://www.forbes.com/sites/willhorton1/2020/06/10/staunchly-private-cathay-pacific-yields-to-government-oversight-after-bailout/#6bbf68f234b6
Basings are gone, I concur, from the article:
More typical government sensitivities for any airline are local jobs. Cathay over the years had to increase local pilot training rather than recruit already qualified pilots from overseas.
Competitors reckon they have lower costs since Cathay is expected by the government to provide good-paying jobs. Overseas crew bases were contentious since those foreign jobs (and employment taxes) could have been in Hong Kong.