A newspaper published by China's ruling Communist Party on Thursday called for "balanced" sanctions against North Korea following its latest nuclear test, reiterating Beijing's opposition to tougher sanctions against its closest ally. 

The state-run Global Times newspaper also warned North Korea against launching a long-range rocket, saying Pyongyang would pay a "new price" if it goes ahead with the planned launch, which is widely viewed as cover for a ballistic missile test.

Weeks after conducting its fourth nuclear test, North Korea notified U.N. agencies this week of its plan to launch a long-range rocket carrying what it calls an "earth observation satellite" sometime between Feb. 8 and 25.

"If North Korea launches a satellite, it will pay a new price," the newspaper said in an editorial, without specifying what the "new price" would be. 

However, the newspaper made it clear that China wants to maintain "stability" in North Korea. 

China, which had voted in favor of U.N. sanctions against North Korea's nuclear tests, should keep its "balanced approach to prevent the collapse of the North Korean economy, while imposing sanctions against North Korea," the editorial reads. 

China, North Korea's diplomatic backer and economic lifeline, has expressed displeasure over the North's nuclear and missile programs, but resisted calls for tougher new sanctions against North Korea following the latest nuclear test. 

Many analysts believe that China's Communist Party leadership won't exert enough leverage on North Korea because a sudden collapse of the North's regime could threaten China's own security interests. (Yonhap)