This talk about expat conditions vs local conditions or airline X vs airline Y is irrelevant.
The market decides based against what a company is trying to achieve. CX has a stated aim of expanding at the eye watering rate of 43% over the next 12 months. Comfortably the most rapid expansion of any airline. Will they achieve that by simply offering a market competitive contract whereby as many pilots are attracted to cx as cx pilots are attracted to other airlines? Quite obviously not. The revolving door will simply continue to rotate with the majority of new crew replacing the old crew walking out the door.
Market competitive is fine if you’re simply trying to match the market. But if you’re trying to beat the market then a more sophisticated approach is required.