He cautiously welcomed Seoul's announcement that Pyongyang had offered to hold denuclearisation talks with the United States in return for security guarantees.
The double suspension "has created basic conditions for the improvement of inter-Korean relations", he said regarding the summit in April between leaders of the two Koreas.
As a step to alleviate security concerns, Wang has proposed a "double suspension" approach, where North Korea would suspend its nuclear and missile activities in exchange for the United Sates and the South suspending their joint military drills.
China's huge Belt and Road initiative to build a new Silk Road will respect global rules and be free of "backroom deals", the foreign minister said on Thursday, defending a key policy of President Xi Jinping's.
China had been proposing that USA and South Korea should stop their war games directed at the North in exchange for Pyongyang suspending its nuclear and missile programmes.
He said China would work with the other members to help the group "meet worldwide expectations, take a clearer stand on major worldwide and regional issues and play a more active role in regional co-operation and global economic governance".
China has been the largest trading partner of ASEAN for nine consecutive years.
China has responded positively to the developments, as one would expect.
Tokyo and Beijing have for years been mired in a territorial row over uninhabited islands in the East China Sea called the Senkakus by the Japanese and Diaoyu in China.
A new blueprint for cooperation between the two sides will be fostered this year. Last year, trade between the two sides exceeded 500 billion US dollars, and two-way visits totaled 40 million, benefiting almost 2 billion people, according to Wang.
He said China will continue to resolve the nuclear issue on the Korean Peninsula through dialogue and negotiations.