CNBC reports that as governments around the world scramble to contain the spread of the coronavirus, the situation in China may have "passed its worst," according to the regional chief investment officer of UBS Global Wealth Management's Kelvin Tay.

There is a "semblance that production capability is actually now coming back to the Chinese economy," Tay said, citing a decline in the number of reported infections in the country.

That will likely make the Chinese economy "the first in the world" to get back on track, he told CNBC.

Tay's comments came ahead of Chinese President Xi Jinping's visit to Wuhan on Tuesday, the city where the disease was first reported and the worst hit in the country. It was his first visit since the outbreak in December.

Asked about the danger of China seeing a resurgence in cases due to the diseases being imported from overseas, Tay from UBS said: "It's actually easier for the Chinese to control that" as they can control the airports and ports.

Commenting on the potential economic impact of the virus' spread elsewhere, Tay said 60% of China's economy is "basically domestic consumption," adding that this will likely serve as a "buffer" if production can be brought back up to speed and consumption begins again.