Yes. It applies to all flights (not buses or ferries) with a CX code. The ECONLIGHT earning rate applies on all code-share flights marketed but not operated by CX if booked in Economy.

The challenge, as always with so-called loyalty programmes for airlines, is how to motivate behaviour to get the results the airline seeks.
If passengers are already flying on paid F tickets (especially if they have paid for them themselves, not by their place of work) then the marginal/benefit cost of frequent flyer benefits can be small or zero. Giving them more status points or miles is no doubt welcome, but may achieve nothing for the airline.
Contrast to those who regularly fly on cheap economy tickets - they are more likely to appreciate the benefits as they don't get e.g. lounge access/extra baggage etc. included in their ticket. On competitive routes, when you squeeze low-yield, high-frequency passengers even slightly with programme changes, you risk them shifting their business. CX's product remains competitive but pushing economy class pax to try other carriers can lead them to find that some of those other carriers are at least as good and move their business. BA will find this out in coming years I reckon and it's pretty much what we've seen at AA over the past decade (which it is now starting to pedal back on to some extent).
In the good times, management doesn't care. But one way of seeing a loyalty programme is that it builds long-term goodwill to help protect passenger demand when, inevitably, the next demand slump rolls around.

my overall opinion was this was much less harsh than I anticipated, and even very good in some ways, considering most airlines are devaluing points heavily now. BA is one of the prime examples.

its rare to see changes like this these days anymore.

The one thing I don't like having taken a closer look at the new chart is that Singapore is Short - Type 1 but Japan is Short - Type 2. Not sure thats logical.

Given the backlash of BAEC revamp, I don’t think any airline will dare to devalue their program that heavily. But indeed devaluing discounted economy is common across the industry.

CX revenue fares from HK to Japan on econ light are significantly more expensive than econ light fares from HK to Singapore (at least most of the time).

But the J fares are on par or IME, higher on Singapore and Singapore is more competitive than Japan.

I think that many airlines will be heavily monitoring how well or poorly BA does over the next 1 or 2 years. If they still do well, I'd assume many other airlines could follow through and also devalue their FFP's.

SQ has just devalued their miles too (though lightly), one of CX's fiercest rivals.

makes CX's recent change feel even better.

not so "recent"

i got used to recurringly issue PEY at new rate and already feel like they are cheap. Human memory is fragile thing

Any other changes to CX membership?

Nothing else confirmed I think?

Anyone care to speculate on new buffs for SL and DM before the stick. "CCR" for DMs or does it stop at early access to comped Wifi?

There is a rumour on local forum that group boarding (thus devaluing priority boarding of SL to PEY) will take place next month.

Had zoned boarding ex-HKG yesterday (Sep 10).

they now giving out tier if they put enough money into the bank account under their program.
DM is also give-able.

so , there will be a lot more tier member from now on.
it is not surprice to put SL to PEY. as they need to control the hand count for the business line.