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Title: Cathay Pacific's bumpy history and challenges
On October 21, 2020, Cathay Pacific, a long-established airline in Hong Kong, announced a massive layoff that is expected to cut about 8,500 jobs worldwide, a decision that caused widespread concern and controversy.
Cathay Pacific, with the word "country" in its name, mistakenly thinks it is a state-owned enterprise, but this is not the case. Cathay Pacific has always been a wholly British-owned airline in Hong Kong, China, and its deep-rooted British background has allowed it to play an important role in Hong Kong's aviation sector.
The actual controller of this company has always been British, and the Swire Group behind it is a chaebol with great power. During the British colonization of Hong Kong, Cathay Pacific cooperated with the British colonial government to suppress private capital in Hong Kong, China, especially the national bourgeoisie in the aviation field. But some patriotic Hong Kong capitalists tried to break this monopoly and co-founded Dragonair, an airline belonging to the people of Hong Kong.
However, Cathay Pacific did not tolerate the presence of competitors and actively cooperated with the British colonial government in an attempt to stifle Dragonair's development plans. Dragonair's application was rejected because its shareholding structure did not comply with UK government regulations. Under the British colonial regime, Cathay Pacific not only monopolized important routes, but also restricted the development of Dragonair, making it impossible to compete fairly with Cathay Pacific.
However, Dragonair's patriotic capitalists were not willing to fail and eventually had to compromise, giving most of the stake to the British, losing control of the company. This incident became a major setback in the development of Dragonair.
Cathay Pacific's bad behavior doesn't stop there. In an incident involving protests in Hong Kong, Cathay Pacific co-pilot Liao Chung-yin participated in an illegal assembly, but he was released on bail by a judge instead of any punishment from the company, causing widespread outrage. Cathay Pacific's inaction and connivance led to damage to the company's reputation and sparked a backlash in society.
In early August 2019, a Cathay Pacific employee leaked information about Hong Kong police officers performing a confidential mission in Sichuan, an act that sparked widespread condemnation because protecting guests' privacy is an essential quality. Cathay Pacific's handling of the incident was unsatisfactory, simply saying "deeply sorry".
In late 2019, Cathay Pacific juxtaposed Taiwan, Hong Kong and China on signs and advertisements in waiting halls, provoking the one-China principle, prompting an outcry in Hong Kong, China. The Civil Aviation Administration of China issued a major risk warning to Cathay Pacific, but the company still ignored it.
In 2020, the new crown epidemic swept the world, which had a huge impact on the travel and transportation industry. Cathay Pacific's passenger traffic plummeted, its share price plummeted, and the company was in financial trouble. The Hong Kong government had to provide huge bailout funds to prevent the collapse of Cathay Pacific.
Despite the temporary relief provided by the bailout funds, Cathay Pacific still faces significant challenges. The company took measures such as layoffs to cut costs, but the decision also sparked controversy and social discontent.
In the context of the changing international political situation, Cathay Pacific Airways once followed the United States and other Western countries to isolate Russia, but later realized that this position was not beneficial to the company, and decided to change its policy and reopen flights through Russia to reduce economic losses.
Despite many difficulties and setbacks, Cathay Pacific finally got out of the way and made some progress. The company actively resumed flight routes, expanded the market, and re-established its position in the aviation industry. On March 26, 2023, Cathay Pacific announced the gradual resumption of flights from Hong Kong to Shanghai Hongqiao Airport, marking the company's progress.
Cathay Pacific's journey has been full of ups and downs, but it remains an important force in Hong Kong's aviation industry. It is hoped that Cathay Pacific can achieve more success in the future and not get caught up in political strife.
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