Another thing - the large increase in competition since 1999 (LCC & middle east carriers)
IMHO this means the government is much less likely to step in. Cathay stopping or reducing operations (for however long) is no longer a massive problem for HK Inc., just an inconvenience. Hainan Group (for example) could quickly wet lease a lot of aircraft to HKE/ HKA, and Jetstar could also ramp up fast.