China can stabilize its stock markets but not the real economy.

https://www.reuters.com/article/us-china-market-regulator-guidance/china-regulator-urges-fund-managers-not-to-sell-shares-unless-they-face-redemptions-sources-idUSKBN1ZX0C4

China is trying to stabilize its financial sector by asking fund managers not to sell stocks and also pump monetary liquidity into its financial system.  Although China will be able to rein in the financial repercussions from the virus outbreak, the real economy will be badly affected because consumption will drop into the abyss.

https://finance.yahoo.com/news/china-oil-demand-plunged-20-231351018.html

China's oil demand had plunged by 20% since the start of the outbreak.

The other sectors like retail, tourism, F&B, transportation, etc, are all badly affected because the Chinese are trying to cut down on human interactions.  When there is no human activity, there is no economic value.  Any monetary or fiscal policy will be useless in stimulating the economy unless the virus can be contained or eliminated.

The whole world will be severely affected when China starts to reduce its imports significantly due to the rapid deterioration in its local consumption.