The AP reports that Mitt Romney's latest ad -- in which he declares that "China is beating us" and President Obama has "failed to stop China's cheating" -- is getting pushback from authorities in Beijing. 

The official New China news agency responded Friday with an editorial calling Romney’s remarks “as false as they are foolish” and saying that it is “ironic that a considerable portion of this China-battering politician’s wealth was actually obtained by doing business with Chinese companies before he entered politics.”

The editorial warned that if Romney’s “mud-slinging tactics were to become U.S. government policies, a trade war would be very likely to break out between the world’s top two economies, which would be catastrophic enough to both sides and the already groaning global economy.”

Chinese media also criticized Romney before the Republican National Convention, with China Daily calling his policy an "outdated manifestation of a Cold War mentality."