I have heard for a while that the Chinese airlines have flooded the market with seats (like everything else they do).

Go on United.com or Kayak. Search tickets to/from US and PVG or PEK. It is eye watering. We have far more exposure to China than any other US carrier. Actually, we might have more than ALL other US carriers combined.

One way ORD to PEK or PVG. 350 USD. That is about 6 cents per seat mile. Yikes.

Same for SFO, YVR, etc. Even HKG flights are 1/2 the price of NRT flights. At least NRT is doing well.