When? (I haven't heard of any new DOT applications since the 2004 round)

As for the topic at hand, I predict that AA will be a good bet because I think that ORD-PVG will have too much capacity and they won't be willing to drive fares too low during the peak season. UA will be subject to the same economics, but less so because they have an established customer base.

Point #2: August is the heaviest travel month of the year in the US-China market. Evidence of this, is that many otherwise unrestricted fares don't permit any August travel.

Point #3: While I'm pretty sure you'll be able to find an airline to take your 60k miles (because there are so many options), I think you'd be better off paying cash and earning miles, especially if you enjoy our FT "game". I can all but assure you that you'll be able to get from NY to PEK for less than $1000 and IMO, 60k miles are worth more than that (not a lot more, but definitely more, once you back out the opportunity cost of the ~17k miles forgone).