In most truly democratic countries, the medical system is recording every death where the patient tested positive for CV-19 as a CV-19 death - even when the patient was previously suffering from a terminal or life-threatening condition. While technically true- a life was cut short by CV - it converts deaths that would have happened anyway into CV death. This is very different from situation where CV was the only reason the person died.
China (and other totalitarian countries) is probably doing the opposite - classifying any death that could have a cause other than CV as non-CV. That could substantially reduce reported death rates.
After this is all over I suspect we well see dips (in democratic countries) and rises (in totalitarian ones) of the mortality rates of common diseases during the pandemic. We'll have to look at the difference from statistical death rates to know the actual impact.