I recall chatting with Tu-154 crews in the ‘80s and early ‘90s on $400/month
In Russian terms at that time, it was pretty good money and with the collapse of the Soviet Union at the end of 1991 the economy was in dire straits. Dodgy operators with beat up old Antonovs were undercutting western companies throughout the third world.
Even if flying went back to normal would the pay scale ever really return ?
Usual case of supply and demand, domestically China isn't too bad and some expats have returned, BUT on local rates. The days of an A320 Captain going straight onto an A330 and doubling his pay are over for the foreseeable future. The zero dollar flag chasers will return a lot sooner than business travellers flying SYD - LHR via HKG in the premium cabins. CX will probably downsize into a regional operator with a few long haul routes, similar to the unmentionable in Abu Dhabi. It is quite possible that Cathay could go out of business altogether, they have no domestic network to fall back on in the way that QF and airlines in the USA have, and they lack the government backing enjoyed by EK and SQ. The gap left could easily be filled by the mainland Big 3 with HKG being a virtual hub and most of their costs being at cheaper mainland rates . Having Air China operating long haul flights from the city is a real stamp of authority. HKG is well positioned as a hub, has an award winning airport and the city is an attractive stop over option. At one stage, prior to COVID, China Southern was the cheapest option for Sydney - London. Having CX go under and dividing the pie up among the mainland airlines could be an attractive option in Beijing.