What followed The Black Death in Europe?
1/3 of the population gone. All of the sudden laborers were scarce. Many lords and landlords were gone. The serfs and peasants were in needed, they were no longer so abundant they could be regarded as a cheap disposable commodity. Wages went up, living conditions improved. Crafts, art and machinery were in demand.
The Renaissance happened.
Perhaps China will develop a Renaissance of their own, one where the Chinese people are valued and honored?
China has gone through population halving plagues in the past and the nature of Chinese rule has not changed from 1000 BC to the present.
The "Kung Flu" is far more lethal to middle-aged and older folks.
Hospitals are staffed largely by younger people so could suffer worker shortages.
These factors do not bode well for China who's fortunes rely significantly on cheap labor.
Socialism always has unexpected consequences.