China has said it regrets North Korea's satellite launch amid the "universal" concern of the international community. Foreign Ministry spokesman Hong Lei says China hopes all sides concerned will keep calm on the issue. Hong says North Korea is entitled to the peaceful use of outer space, but that right is currently restrained by relevant UN Security Council resolutions. Hong says China holds the Security Council's response should be "prudent and moderate" and conducive to maintaining overall peace and stability of the peninsula, instead of escalating tensions there. China has responded to a report predicting the country will surpass the US to become the world's largest economy before 2030. Foreign Ministry spokesman Hong Lei says China will unswervingly pursue a way of peaceful development. Hong says China is still the world's biggest developing country and has a long way to go in realizing socialist modernization.