The U.S. may have substantial trade and cross-investment relationships with China, but that doesn't mean Asia's titan is a true ally, says CNBC commentator Larry Kudlow.

Specifically, he believes our government should be careful about approving the deal to sell the Waldorf Astoria hotel in New York City to China's Anbang Insurance Group for $1.95 billion.

"We have to do something," Kudlow argues. "We know they're hacking into our economic and commercial enterprises. We know they're hacking into the defense. We know they're hacking into the homeland security."

The Chinese government also has been harassing U.S. companies active in the country, including Microsoft and McDonald's.

"The Chinese are not our friends," he proclaims.

"We need to take some actions," Kudlow adds, such as imposing economic sanctions on China.

"Keep their telecoms out of the United States. Stop them from buying up hotels and real estate."

It's important to prevent Chinese cybercrime from mushrooming out of control, he notes.

"We never seem to do anything with China. Let's face it. They're pirating our intellectual property. They're counterfeiting our own goods. They get away with murder. We go to the WTO [World Trade Organization] and nothing happens."

Meanwhile, experts say that a slowdown in the U.S. economy would be more damaging to the world than a slowdown in China's would.

"The U.S. is not the tail that wags the dog, but is more often than not the dog that wags the tail," Joseph Lupton, senior international economist at JPMorgan, tells Bloomberg.

"The benefits of stronger U.S. growth are felt across the globe while the spillover from a China slowdown is concentrated in other emerging market economies."

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