My guess the company will:
Quicken the already announced plans to ditch 330s and older 777s
Offer an early retirement package. Will be a cheap package but they will pitch it just high enough to shed some of the more senior guys. Who wants to live in just another Commie China city anyway?
Offer long term leave without pay. Redundancies would cost too much and would have to be in reverse seniority (we have enough pilots based with legal protections for it to be any other way), so a work around is furlough. A variation to the contract but can be implemented with agreement.
If the company was smart they would offer bases to get 50% of pilot body based - immediately removes expensive housing and education and aligns with recommendations from Jepp as how to maximise productively from air crew.