drawing the infections out so that the hospital system can stay stable and thus minimizing the amount of people who die from the disease. Not to mention that there will likely be a vaccine within 12-24 months and medication approved within the next few months.
Mind you this is in addition to South Korea having ~13 hospital beds per 1000 people, compared to ~8 in Germany and 2.5(!) in the UK. This strategy in the UK to let the virus eat through the population is insane.
The long term strategies for Korea and China are the same: carefully identify new cases as they come in from outside, find their contacts, and isolate them as soon as possible. Temporarily lock down small regions on an individual basis if necessary. They've already been doing that with some new cases coming in from Italy.
That was true a day or two ago, but that's a bit outdated now: Wuhan at most has had a bare majority of total cases in the world now, and probably a minority. In any event, it'll be a minority in a few hours.