There is an excellent article out there titled "The Hammer and the Dance" that explains how China and South Korea were both able to tame an epidemic in less than 2 months time. It argues that other countries (i.e. current crisis centers of western Europe and the U.S.) can also act similarly now, but that ongoing vigilance is required even after returning to normal life.
Specifically, what South Korea is doing extremely well is testing and contact tracing, then isolating the infected and at-risk away from the general population. That is the only way to stop an epidemic. The emergency lockdown measures being taken in western Europe and parts of the U.S. are all we have got now, but will not end the epidemic if robust testing and tracing are not implemented in the summer months.
I also think extensive testing and contact tracing is the key to defeating this virus while not destroying your economy. You need to test so you can know who's infected. Then you need to isolate that person away from the general population. But without extensive testing, you're operating blind and don't know who's infected.
We can't follow China model but we can sort of emulate South Korea and their extensive testing and tracking model. Testing is the key. Amazing thing is South Korea kept its restaurants and retail stores open during all of this. Unlike the Western world where we switched to takeout and drive through only, South Korea allowed full dine-in and normal restaurant dining everywhere in the country.
And initially, the country was short of masks because President Moon of South Korea foolishly shipped all their surplus masks to China to help with the virus there before South Korea also blew up. But unlike the US, around 130 South Korean companies worked 24/7 to make and manufacture more masks for its 50 million residents. So while there was real shortage in the beginning, South Korea now has surplus of masks and it's readily available to purchase. If we want to return to any sort of normal life, we have to test. And test some more. We have to know who's infected so we can isolate that person. That's the only way we're going to win.
Another amazing thing about South Korea is they didn't have massive panic grocery buying and hoarding that's going on everywhere in the world now. No one panicked and supermarkets were never stripped bare. People bought normal quantity of items for the most part. People did buy lot of instant ramen noodles in the beginning but that shortage quickly passed and all supplies including toilet paper remained stable. The problem they have now is there's surplus veggies and food all over the country because schools are closed and there's less overall demand. So farmers are suffering and vegetables in storage are rotting.