Some possibilities: (1) The Chinese are lying (or self-deluded) and it’s more lethal than their numbers show. Very bad. (2) Their numbers are roughly accurate, and it’s about as lethal as it looks. Bad, but not Very Bad. (3) The numbers are roughly accurate, but it’s more lethal in Chinese with lungs weakened by pollution and chain-smoking than it is in most other people. Probably the best case. At present, we don’t really know enough to choose. At the moment, (3) sounds pretty plausible to me, in which case we’ve got a very contagious but not very deadly disease. But (1) remains entirely possible.
Likely, a combination of (1) and (3). The Chinese are lying and the virus is highly contagious but extra lethal only for Asians. The coronavirus is super racist!