Chinese Foreign Minister Wang Yi during the meeting with North Korean leader Kim Jong-un announced Beijing readiness to discuss planned changes in the North Korean economy, CNN reported.

According to Wang Yi, China expressed support for a formal end to the state of war on the Peninsula.

“China supports the end of the state of war on the Peninsula and turning the armistice into a peace accord,” Foreign Minister said adding that Beijing also supports Pyongyang's shifting of its strategic focus “to economic development” and its “legitimate security concerns over the process of denuclearization.”

According to him, the Korean summit “has brought a favorable opportunity for a political settlement over the Korean Peninsula.”

North Korean leader, Kim Jong-un, in his turn, noted that Pyongyang is “willing to explore ways to eliminate the root cause of threats to peace on the Peninsula through the resumption of dialogues and the establishment of mutual trust.”