As all the major media organizations are reporting, President Obama is in the middle of a high-profile trip to Asia, visiting many of our major allies and trading partners, particularly China. Rather than focus specifically on the political and economic policies about which he and his Asian counterparts will speak, haggle, and disagree, I’d like to take his visit as an opportunity to focus on the love-hate relationship that the U.S. seems to have with China these days.

It is undeniable that globalization has made the economies of the U.S. and China much more intertwined and dependent on each other. One result of this trend is that when the U.S. economy is struggling (like it is these days), China has resources in terms of investing in U.S. businesses and opening up markets in China for U.S. businesses to sell to, both of which help alleviate some of those struggles. For example, and as a nice “Globalization 101″ lesson, the Washington Post has an article that uses a few examples to describe U.S. companies vying for Chinese investment:

On visits to Shanghai and Beijing, Obama will encounter not simply a rising global power but a nation that is transforming and challenging the way Americans live overseas and at home, from college classrooms to real estate offices to the ginseng farms of central Wisconsin. . . .

“Years ago, it didn’t matter what we grew. They bought everything we had,” said Randy Ross, a 54-year-old former dairy farmer who has been growing ginseng since 1978. “Now we’ve got to learn how to satisfy them. They are changing us.” . . . Hate it or love it, China is a major player in American life. . . .

Meanwhile, in a state that has lost more than 160,000 (or one-third) of its manufacturing jobs in a decade, local newspapers have been running editorials praising the People’s Republic and blasting those who oppose closer trade ties or Chinese investment. “China is a friend to Wisconsin and its businesses, not an enemy in a trade war,” the Wisconsin State Journal said in an editorial.

At the University of Wisconsin in Madison, Chinese undergraduates now account for more than half of the 1,109 Chinese students there. That increase is another sign that China is coming because Wisconsin, like many state schools, doesn’t provide scholarships for international undergrads. Last year, Chinese students paid out $2 billion in tuition nationwide. “That money is keeping some American colleges alive,” said Laurie Cox, who runs the international student center at the Madison campus.

The Washington Post article lists several other ways, many just using businesses in Wisconsin as examples, that Americans and American companies have become dependent on China. In reading over these accounts, one might conclude that to a certain extent, many Americans see China as an “economic savior,” without whom they would be much worse off.

On the other hand, we can contrast those positive sentiments with other, more negative assessments and suspicions about China’s impact on the U.S. I’ve already written Americans being upset towards China for unsafe consumer products, human rights abuses, and allegations of spying and espionage.

More specifically, within this same process of China investing in U.S. companies, many Americans allege that the main reason China is doing so is to take them over and use them to eventually dominate and “take over” the U.S. economy. These suspicions were illustrated loud and clear in a CBS 60 Minutes segment from April of 2008 (entire episode is below, about 12 minutes long):

As I mentioned, these suspicions about China’s “real” intentions are opposite sides of the same coin and are great illustrations of the love-hate relationship that we Americans have with the Chinese. We love their money and their 1.3 billion consumer market, but we hate that their money might lead to them having a say in how our business is run or may eventually lead to them taking over the business completely (this is sometimes referred to as the “New Yellow Peril.”)

In fact, this kind of love-hate relationship that the American society has with Asians, Asian Americans, and Chinese Americans is not new. Starting with when the first large-scale immigration of Chinese to the U.S. in the mid-1800s, reinforced through subsequent decades, and continuing these days, these kinds of contradictory sentiments have manifested themselves in different ways.

For example, mainstream American society loved our cheap labor, how hard we work, and that (at least in the past), we were relatively powerless in asserting our rights for equal treatment. But they hated that we wanted to settle here, raise families here, and that our hard work frequently resulted in us making more money.

In the past, mainstream American society and the White majority also did not want us to freely intermingle with them — that’s why they passed the Chinese Exclusion Act and various other local and state laws that restricted where we could live, what jobs we could work in, and who we could marry. Such rampant hostility forced many of us to live in segregated ghettos as a matter of survival. But at the same time, they also criticized us for congregating in our own ethnic communities and accused us of not wanting to assimilate and to be American.

Fast forward to today and the same kind of cultural schizophrenia still exist in regard to the relationship between Asians/Asian Americans and the rest of American society and the White majority. The most visible example seems to be simultaneous hopes and fears over China’s investment in the U.S. economy. Such contradictions are also seen when Asian Americans are both praised and criticized for supposedly being the “model minority.”

Alas, this seems to be the consistent pattern in terms of the relationship between Asians/Asian Americans and the rest of American society — two steps forward, one step back.