IMO the coronavirus has been hyped to epic proportions by the news media and this in part is probably why governments across the Globe have been responding the way they have. If the news media hypes something and makes it seem bad then the people of that country will be in fear and want their leaders to do something about it. Fear is a powerful weapon and imo that's probably more the motivation behind the strong global response we've seen more than actual evidence of this being something extremely concerning. Assuming the death toll and sick rates are accurate, we have a mortality rate of around 2% in China which isn't that bad and in developed nations like the US would likely be significantly less. I think this is a lot of media hype and in a few weeks it will die down as people realize it's not as bad as feared.
I think from what I've seen the 2% mortality rate really only applies in Wohan and is much less in all other areas of China. Now they could be lying about those areas, but we will see.