Yes, the A388 has enough range to fly nonstop between JFK and HKG with full payload.
My read is Mr. Fong doesn't seem to know what he's talking about. After all, Cathay has been flying nonstop flights between Cebu and China. Isn't Hong Kong an SAR of China?
Seriously, there is no way the Chinese government would allow Cathay, a remnant of British colonialism, to fly between a third nation and China proper directly.