In addition to the devastating human toll of the coronavirus outbreak, the economic damage of a manufacturing shutdown in China is likely to be profound.

While receptive to proposals that are in line with its economic reform and opening-up agenda, the country cannot be expected to embrace rule changes that undermine ore parts of its successful economic model.

If China adopts the right policies and works successfully with the international community, there is a high chance that its economic growth will remain stable over the medium term, even with the coronavirus.

The coronavirus outbreak that began in the Chinese city of Wuhan has spread across the country and beyond its borders, leaving governments at all levels in China scrambling to limit further person-to-person transmission of the virus, now known as COVID-19.

In the long-term the outbreak will not alter the fundamentals of the Chinese economy. But actions are needed now to reduce risks, as ripple effects through supply chains can be felt around the globe.

Just five days before the Chinese New Year, the authorities in Beijing finally declared the coronavirus epidemic that originated in Wuhan to be a major public health emergency.

It is not the end of the world. The plague will soon pass, and when it does, supply chains will reconnect, production will resume and everything will return to normal.

A resilient China has held up well against external stresses, and the economy continues to perform well. Rural and surburban areas have the greatest potential for economic growth.

When it comes to the way many in the U.S. view China, perception is far from reality. Irresponsible analysis can only mislead policymakers and harm bilateral trade relations.

China’s economic growth is expected to have slowed to just over 6% this year, and it is unlikely to accelerate anytime soon. In fact, economic commentators generally agree that China’s economic performance in 2019 – the worst in nearly 30 years – could be the best for at least a decade. What observers can’t seem to agree on is how worried China should be, or what policymakers can do to improve growth prospects.