"Negotiation is the only way out and deserves every effort", Wang told the UN General Assembly.
Wang reaffirmed the importance of dialogue and negotiations, urging all related parties to play constructive roles in easing tensions in the region, and calling on the two Koreas and the U.S.to return to dialogue.
US President Donald Trump on Thursday signed an executive order to target North Korea's trading partners that "finance and facilitate trade" with the reclusive nation.
"North Korea has continued to make provocations and this is extremely deplorable and this is angered both me and our people", said the South Korean President Moon Jae-in.
China has by far the most influence over North Korea, providing an economic lifeline, but fears the consequences if Kim Jong-un's state collapses.
Wang's remark contrasted with a call from Japan, the United States and South Korea for "maximum pressure" to be applied to North Korea to compel it to give up its development of nuclear weapons and ballistic missiles.
North Korea warned against the move and said South Korea is "digging up their own graves".
The threat from North Korea's nuclear and missile tests has dominated this year's gathering of world leaders, but divisions remain over how to confront Pyongyang.
A peaceful settlement of the nuclear issue on the Korean Peninsula is in line with the common will of the global community and will help prevent the tensions from spiralling out of control, Chinese Foreign Minister Wang Yi has said.
Pence said the USA and China have great cooperation potential in a wide range of areas and that the two countries should push for continuous progress in practical cooperation.
US Ambassador to the United Nations Nikki Haley has dismissed the proposal as "insulting".