Wang said that apart from the new sanctions, the resolution also made clear that the six party talks process, a stalled dialogue mechanism with North Korea that also includes Russian Federation and Japan, should be restarted.
The North said it would take an unspecified "resolute action of justice" and would never place its nuclear program on the negotiating table or "flinch an inch" from its push to strengthen its nuclear deterrence as long as US hostility against North Korea persists.
North Korea vowed Monday to bolster its nuclear arsenal and gain revenge of a "thousand-fold" against the United States in response to tough U.N. sanctions imposed following its recent intercontinental ballistic missile tests.
"Owing to China's traditional economic ties with North Korea, it will mainly be China paying the price for implementing the resolution", a statement from Wang read, as reported by Reuters on Monday.
He stressed that Beijing is willing to sacrifices its own economic interests "for the sake of supporting global system of nuclear non-proliferation and to maintain peace and stability in the region".
Russia's Foreign Minister Sergei Lavrov speaks during the ASEAN-Russia Ministerial meeting during the 50th ASEAN regional security forum in suburban Manila on August 6, 2017.
"We are convinced there is no alternative to resuming [the] political process, in particular the six-party talks", he said, adding that "We will promote [the talks] in NY [at the United Nations] and on other platforms".
"It is conceivable that North Korea's nuclear weapons program has already considerably advanced and it is possible that North Korea has already achieved the miniaturization of nuclear weapons and has acquired nuclear warheads", it said.
The United States does not seek regime change, the collapse of the regime, an accelerated reunification of the peninsula or an excuse to send the USA military into North Korea, Tillerson said. They are likely to slash the country's US$3 billion annual export revenue by a third.
The centerpiece of the United Nations sanctions is a ban on North Korean exports of coal, iron, lead and seafood products - and a ban on all countries importing those products, estimated to be worth over $1 billion a year in hard currency.
It also prohibits countries from increasing the numbers of North Korean labourers now working overseas, bans new joint ventures with North Korea and any new investment in current joint ventures.
Lim, the North Korea expert, said the North will probably squeeze its ordinary citizens to help finance its nuclear and missile programs.
Wang also said the new resolution showed China and the worldwide community's united opposition to North Korea's aggression.