Thanks everyone. As HKG/PEK is only a few hundred US dollars, I have decided to take a chance on CA's web site. I am also hedging my bet against additional fuel surcharges or even fare increase with the rising price of oil and >8% inflation in China. There is an CA office at the city where I live so it is a plus.

The following message is posted at the FAQ section of CA's web site:

"4. How to get a ticket refund?
If you would like to request a refund, it will be handled according to the type of ticket that was purchased. Refunds can only be processed within the validity period of the ticket either at the original purchase place of the ticket or an alternative place agreed upon by Air China. For electronic ticket purchases, please contact our local Air China office at 001-866-270-5897.

If you have any questions regarding a change or cancellation of a ticket, please contact a local Air China office."

For those living in the U.S., refund apparently may be processed on-line:

4. How to get a ticket refund?
If you would like to request a refund, it will be handled according to the type of ticket that was purchased. Refunds can only be processed within the validity period of the ticket either at the original purchase place of the ticket or an alternative place agreed upon by Air China. For electronic ticket purchases, refunds will be processed online at us.fly-airchina.com.

If you have any questions regarding a change or cancellation of a ticket, please call Air China toll free at 1-866-270-5897. For international calls, please call 001-702-939-2592."

I believe the U.S. site is serviced by Expedia.

Sorry - unable to comment on CX's refund service as I mostly fly Star Alliance.