While I agree with you, the implication of the alternative would also have been extremely serious nationally - if they hadn't hit it hard and fast, the issue would not have just concentrated in Wuhan/Hubei, it would have led to the disease exploding in communities c20+ times in magnitude WITHIN China - witness Beijing, Shanghai etc. have all escaped largely unscathed - Wuhan is only their 9th most populous city. Once it has spread geographically, they could not have mobilised the healthcare personnel, in tens of thousands from other provinces, concentrating the national efforts on hitting the problem areas such as they did with Wuhan/Hubei, the consequence of which would likely have meant much greater fatalities everywhere than the c20+ factor might indicate.
It seems to me their playbook was well thought out, and worked quickly. But we don't seem to be following it.
Leaving people's lives aside just for the sake of discussion, I find it difficult to see why the economy will necessarily be better off, if the problem is allowed to brew and expand, making it harder and taking longer to deal with.