Burma has been widely criticised for a military crackdown that has driven more than 620,000 Rohingya Muslims to flee Rakhine state into neighbouring Bangladesh.
Wang Dehua said Beijing would not want the Rohingya crisis to stand in the way of the Bangladesh-China-India-Myanmar Economic Corridor, a key component of the Chinese initiative. "The first phase it to effect a ceasefire on the ground, to return to stability and order, so the people can enjoy peace and no longer be forced to flee", China's foreign ministry said in a statement citing Wang.
The worldwide community and the United Nations Security Council should give encouragement and support to both countries "to create the necessary conditions and a good environment", the ministry's statement quoted Wang as saying at a joint press conference with Aung San Suu Kyi, Burma's de facto leader.
Suu Kyi, who as Myanmar's leader has drawn harsh criticism amid the crisis that has damaged her image as a democracy activist and human rights campaigner, lauded the relationship between China and her country.
The commission, led by former U.N. Secretary-General Kofi Annan, called for promoting investment and community-directed growth to alleviate poverty in Rakhine, which Myanmar officials have supported.
"China and Myanmar are very much different in size and power, but when it comes to mutual understanding, the two countries are friends with the same values", she said.
Foreign ministers and representatives of 51 countries are meeting in Naypyitaw in a forum that aims to further political and economic cooperation but takes place against the backdrop of the ongoing Rohingya refugee crisis.
Wang said poverty was the root cause of the conflict.
"Economically, neither Bangladesh nor Myanmar is capable of settling these refugees".
China has longstanding relations with Burma's military and burgeoning ties with Bangladesh.
He added that the sides should then wait to see a ceasefire working, something that should be followed by Myanmar and Bangladesh agreeing terms for the return of Rohingya refugees.
They also appreciated Prime Minister Sheikh Hasina for her humanitarian gesture she had shown sheltering hundreds of thousands of forcibly displaced Rohingya in Bangladesh. "This won't be easy".
Bo said Suu Kyi certainly should have spoken out earlier.
In an interview with the Associated Press on November 18 ahead of the pope's visit to Myanmar starting on November 27, Cardinal Charles Bo said worldwide criticism of Suu Kyi and her perceived indifference to the persecution of the Rohingya has been "very unfair".
"More than putting pressure, our approach has always been and will continue to be to offer a negotiating space, encourage the taking care of a situation that is not going to disappear", Ms Mogherini told reporters on Sunday.
The Rohingya exodus is sure to be raised by the visitors at the meetings held Monday and Tuesday.
The Japanese government has already extended about ¥1.2 billion in emergency humanitarian aid to Myanmar to support Royingya that remain in the country.
While there is no sign of a major, direct economic impact, the crisis has dented hopes of a Western investment boom as European and United States companies are wary of the reputational risks of investing.