Established airlines around the world have had to deal with the challenge posed by budget airlines, although the lack of a ready secondary airport has kept them from taking off in Hong Kong - thus far.
However, China's airline industry deregulation could bring them a step closer, with new Chinese airports giving Hong Kong and its flagship carrier, Cathay Pacific, something to think about. Singapore Airlines' commencement of flights to Shenzhen Airport this week, permitting passengers to be picked up or deposited in Guangzhou, Hong Kong or Shenzhen airports, looks like a direct assault on Hong Kong's hub status.
Guangzhou also has Air France and Lufthansa shortly beginning direct flights, ahead of a new international airport opening in June. How many airlines will follow is uncertain.
China's airline deregulation now seems to be encouraging a broad based liberalisation, allowing multiple domestic airlines into the international arena. Last weekend the mainland's regulator, the General Administration for Civil Aviation of China (CAAC), revealed it was considering giving the go-ahead to new budget airlines.
What extras China's airlines can cut back on is questionable, but it looks like prices will go lower.
Up until now China's airline deregulation has been largely positive for Cathay with a recently opened route to Beijing soon to be followed up by Shanghai. But deregulation could be bittersweet if it also brings the prospect of renewed pricing pressure on existing routes.
Chinese airlines may be easier to tackle, but new airport hubs could be potentially more problematic. Will the airline industry be the latest sector where China now sets the price?