The United Nations Security Council votes on a resolution to expand its DRPK blacklist after its repeated missile tests, at the UN headquarters in New York, US, June 2, 2017. [Photo/Agencies]

China has urged the Democratic People's Republic of Korea to abide by UN Security Council resolutions after the council imposed new sanctions on the country over its recent missile launches.

The new sanctions, agreed to on Saturday, are expected to cut one-third of the DPRK's $3 billion annual export revenues.

"China urged the DPRK to abide by relevant UN Security Council resolutions and cease to take actions that might further escalate tensions on the peninsula," China's Ambassador to the UN Liu Jieyi said after the vote at the UN headquarters in New York.

"We hope relevant parties will immediately take effective actions to prevent the situation from further escalation, create conditions for the resumption of talks and make efforts to bring the issue at the earliest date, back to the right track of seeking a peaceful solution through dialogue and consultation."

The US-drafted resolution was adopted unanimously by the 15-member Security Council. It bans all exports of DPRK's coal, iron, iron ore, lead, lead ore and seafood. It prohibits new joint ventures or cooperative commercial entities with DPRK and additional investment in existing ones. It also bans countries from accepting additional numbers of laborers from DPRK.

The sanction also blacklisted nine DPRK individuals operating abroad as representatives of designated entities. Their assets have been frozen and a travel ban is in force.

Four DPRK commercial entities have also had their assets frozen.

DPRK launched two intercontinental ballistic missiles on July 3 and July 28.

China opposed the DPRK's launches which are in violation of UN Security Council resolutions and against the will of the entire international community, Liu said.

"China has always insisted on realizing the denuclearization of the Korean Peninsula, maintaining peace and stability on the peninsula and seeking a solution through dialogue and consultation. China has opposed chaos and conflicts on the Korean Peninsula," Liu said, adding that these are what the Resolution 2371 was all about

The fact the resolution was adopted unanimously demonstrates that the international community is united in its position regarding the nuclear issue on the peninsula, he said.

The new resolution, as Liu put it, has three components: further sanctions against DPRK's nuclear programs; no intention to have adverse effect on activities that are not prohibited by the resolution, such as economic activities and cooperation, food and humanitarian aid; calling for resumption of Six-Party Talks, expressing commitment to a peaceful, diplomatic and political solution to the situation and stressing the importance of working to reduce the tension in the peninsula.

"All parties should implement the provisions in the resolution fully and earnestly," Liu said.

This resolution is the single largest economic sanctions package ever leveled against the DPRK, US Ambassador to the UN Nikki Haley said.

"The resolution we've passed is a strong, united step toward holding North Korea accountable for its behavior," Haley said. "The US is taking – and will continue to take – prudent defensive measures to protect ourselves and our allies."

She said the US' joint military exercises with the Republic of Korea will continue.

China hopes the "realistic and feasible" China-Russia joint initiative, which put forward a road map for resolving the nuclear issue on the peninsula, can get response and support from relevant parties, Liu said.

The joint initiative issued on July 4 is based on China's proposal for a dual track approach and "suspension for suspension initiative" and Russia's step-by-step approach.

Dual track urges advancing denuclearization of the peninsula while establishing peace mechanism on the peninsula. The "Suspension for suspension initiative" calls for DPRK's suspension of its nuclear programs and suspension of large-scale military exercises by the US and the ROK.

Liu said that China has noted recent remarks from the United States that it's not seeking a regime change nor a regime collapse in the DPRK, it's in no hurry to push for the reunification of the peninsula and its troops will not cross the 38th parallel north.

"It's our hope that the US side will translate these four notes into concrete policies toward the DPRK," Liu said.

US Secretary of State Rex Tillerson last week said that the US is willing to sit down for talks with the DPRK on the condition that it gives up its nuclear programs.

At the meeting, Liu also urged a halt to the US missile defence system deployment process in the Republic of Korea and dismantling of related equipment.

"The deployment of THAAD will not bring a solution to the issue of DPRK's nuclear tests and missile launching," he said. "It will seriously undermine the strategic balance of the region and is detrimental to the strategic security interests of countries in the region including China."