You don't need to "accept Asian wages and working conditions" to be competitive.
The Chinese will typically over - man operations.
Then there are the supposedly "qualified" staff.
Then there is the lack of initiative and the several layers of management including the bosses son, his nephews, daughters, etc.
Then there is the Chinese penchant for "cheese paring" - reducing quality to the minimum they can get away with - witness the baby formula scandal.
Then there is good old fashioned Chinese corruption aka "business ethics".
Then there is Government corruption to be paid.
It ain't so cheap when you add all those costs into the equation.
That said, when properly motivated, the Chinese can produce excellent quality and have done for years.
However, do you want your airline to be the one who has to do the education and motivation? It is extremely expensive and time consuming.
P.S. Suppose you finally do make an enormous profit? Just try and get it out of the country once the Government discovers it. Pretty soon you will realize that your shareholders will never see a return on their investment, and since their investment is in China, they cannot even recover it.
I watched an Australian metals company develop new gold recovery technology for the Chinese, installed it and made it work. They then asked for payment. The Chinese response? "You see that hill over there, it must contain at least a $100 million in gold! It's yours, here is your mining lease!