bottom line is: not out of status for more than 180 days.

what you can do in order is:
1. try to stay in current company;
2. try to find another job with H1 transfer;
3. try to find a consult company only for H1 sponsorship but without a actual job, to get more time to find a real job;
4. transfer to F1; (since during downturn, find another H1 job is difficult, transfer to F1 might be more realistic)

Heard from one immigration lawyer, ususally, less than 2 months H1 status gap does not effect H1 transfer.

Bottom line is: do not be out of status for more than 180 days. As long as you are out of status less than 180 days, you are fine. So do not be worry about too much, you have another a few months to make the decision wheather you stay in US or go back China.