As to the "vice versa" (which I needed myself, leading me to find this question, which didn't help, and subsequently another site which had the answer):
u'some string'.encode('ascii', 'xmlcharrefreplace')
will return a plain string with any non-ascii characters turned into XML (HTML) entities.
与恶龙缠斗过久,自身亦成为恶龙;凝视深渊过久,深渊将回以凝视…