I listened to the full 2 hour press conference from that guy from the WHO, who went to China to see on the ground what they were doing. Summary:
80% of cases are mild.
Less than 10% are severe.
Virus doesn't seem to be hitting the young. (Usually these things drain the economy cause kids get sick, then parents have to stay home from work).
Primarily older people dying.
To confirm a presumptive case, CT scans are done.
Unknown if asymptomatic transmission is actually happening.
China kicks the poop out of the western world when it comes to responding (they have been erecting makeshift health care centers in 24-72 hours period, been assembling teams super fast, and moving resources like ventilators to where they are needed very fast.)
China is an expert on how to deal with this, since they learned a lot from SARS. Their authoritarianism allows them to control this better than the West. (They can make and enforce travel restrictions and permits very easily, and move health care workers and equipment around extremely fast).
Countries with a lack of resources (CT scanners, ventilators, etc), or countries that fail to respond quickly will suffer. If your hospital is out of beds, it doesn't matter how rich your nation is, you don't have enough beds and people who don't get proper care might die.
There are two ways to deal with epidemics: containment and contact tracing. Containment means quarantining cities. They do that if there is "community spread" of the virus. Contact tracing is what we are doing right now in Canada. Someone gets Coronavirus, then the health ministry gets a hold of all the people they've had contact with to see who they got it from, and if necessary, gets them to self quarantine to reduce further spread.
tldr; sure, it could be a pandemic, but at this point it seems it could be a pretty mild thing if nations respond properly.