Personally, I think the industry as a whole will rebound, it'll take a while. The shortages in the US are structural, they will be there again, but when? Is the big question. And there's no doubt that the Chinese take a different view to training in downturns. The problem is getting the cadets into the country I would imagine?
The time to train is at the bottom of the curve, be ready for the next uptake. But that won't stop people from panicking and talking little Johnny out of the aviation industry.