Slow the infection rate (but not too much) till we hit enough cases to have herd immunity, which will then slow the rate significantly till it mostly dies out (I suspect this has happened in China and South Korea, if not they will suffer the consequences later as the virus is reintroduced unnoticed from another country).
Since it won't be stamped out worldwide this year, there's no point in attempting complete eradication and tracing all contacts. That means the aim of reducing the spread should not be to avoid infections, but to to reach herd immunity in an ordered way without taxing healthcare systems too much on the way.