HKG-North America routes will be very likely the last market that can normalize...Apart from labor issue in HKG&CX, the Mainland China-North America markets are still paralyzed by political issues.

Russian airspace is very important for these routes especially for the east coast, but it is only closed to US/Canadian carriers while Chinese carriers can still use it. US/Canadian carriers think it is unfair and cry to their government that Chinese carriers should not use Russian airspace at the same time. Obivously Chinese carriers are not likely to take these funny terms so the US/Canadian governnent block new applications for extra frequency from Chinese carriers while Chinese government is blocking them too to retaliate.

The capacity between China-North America is still largely frozen at the pandemic level but the demand is booming and it floods into HKG/ICN/NRT. I will say the fare level will remain elevated between HKG-North America in the foreseeable future as the relations between the West and Russia will not be back to the normal anytime soon.