At high levels of decision making, this seems to be the first stage. First you try to pretend it's just a flu. The medical people can clearly see this is not the case, but the rest of the public can't. The second stage is "fuck, it's much worse than the flu". Then you deal with that, but you also need to deal with how to keep people from starting mass revolutions due to your shutting everything down. The third stage is really tricky, you gotta make enough people believe that once you get some kind of control over the virus, your economic system still exists. Like, you've based everything on money, you know money doesn't really exist anymore, you do not want people to find this out, you have to throw all economic theory that you know of down the drain and figure out how the fuck you're gonna barter with everybody else for everything you need, and you need a lot - food, energy, the rest. To quote Arthur Jensen: "It is the international system of currency that determines the totality of life on this planet". This applies in the same way to all forms of capitalism - the high level banking capitalism in the US, the banking-production capitalism in Germany and Italy, the welfare capitalism in the rest of Western Europe, the crony capitalism in Eastern Europe, the thinly veiled military junta capitalism in emerging markets, as well as other forms of market economy like the theocracy cronism in the Middle East, the reinvented socialism in China, whatever the fuck is going on in Russia...
China seems to be in the early stage three territory. The rest of the world is teetering between stages one and two. Eagerly waiting for stage four to present itself.