Good Idea
This is a good idea on many levels. First, having a second language is a good skill for future employment, this works with every language. Second, it will help the US to have people who can speak multiple languages to help deal with a wider global culture. Third, it is a cultural exchange; in this case, the Chinese will use the classes for propaganda purposes but this also shows Chinese cultural thinking that can give valuable insight that can be helpful for the US in the future.
The propaganda can be met with critical reasoning skills that schools should be teaching. It also helps to understand another culture's thinking to know where their best interests are. Knowing where their best interests are can lead to better trade and relations. In knowing another culture's best interests also teaches us about what our best interests are.