Looking out for number 1 seems to be what we have always done, yes?
In that case mtc, take a good look at the CX package with the local terms on offer. Don't convert the salary to you home currency (CAD based on your "location"), but investigate what the spending power of that salary is in HK. Make sure you look at it on a total career earnings basis, with realistic upgrade times, and realistic lifestyle changes, such as education (BIG $$) for children in the future, and lifestyle options for your spouse, even if you have neither a spouse or children yet.
At the moment, a new joiner today will likely face 4 years as SO, followed by probably 10 to 11 years minimum as an FO before even thinking about command. These numbers will likely not improve, but actually get worse.
As harsh as it sounds, I suspect that anyone with 3-4000 hrs who joins on local terms will receive very little sympathy from the rest of us if they ever lament their financial struggles.
And don't even think that a base is an option. It's not the easy path that the management might be trying to sell to you. There are no basings for SOs (see above 4 years min), then you get to upgrade & join the queue for an FO base. Without knowing your specific basing preference I can't comment specifically, but the truth is that many FO bases are full with a waiting list, and some guys on them have foregone command to remain on their base as an FO whilst awaiting a command base vacancy (in seniority order), which, to be honest, is a case of waiting for someone to die or retire.
As an added incentive, speak to an SO who was looking for a FO base in the future, who has now lost that opportunity because the company hired direct entry FOs on some bases, and although the base slots were offered "in house" first, SOs weren't able to bid on them.
Add in the fact that CX has made such a hash of basings with onshoring, legal & tax issues, that they have frozen bases for the time being, so no one can get one at the moment, until they sort the mess out.
So, if you really are objective about what CX are offering, your rejection of the current new joiner contract will not be a "service to the industry" as you put it, but a case of looking after number 1.