Leader and Nobel Peace Prize victor Aung San Suu Kyi has faced intense criticism outside Myanmar for her perceived failure to speak up for the Rohingya.
"Rakhine state has rich resources but develops them inadequately", Wang said.
Myanmar intends to resettle most refugees who return to Rakhine state in new "model villages", rather than on the land they previously occupied, an approach criticised in the past by the United Nations as effectively creating permanent camps.
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.
Foreign investment approvals have slowed since Suu Kyi's National League for Democracy won an election in late 2015, and took office early the next year.
China believes that the Rakhine issue can be addressed by a solution acceptable to both Myanmar and Bangladesh through consultations between the two neighbouring countries, Wang told a joint press conference Naypyidaw on Sunday with Myanmar's State Counsellor and Foreign Minister Aung San Suu Kyi, Xinhua news agency reported.
NAYPYITAW, Myanmar (AP) - China's foreign minister said Sunday that the global community must help fight poverty and promote development in Myanmar's Rakhine state, which has seen hundreds of thousands of Rohingya Muslims flee amid a military crackdown.
Wang was scheduled to attend the two-day the 13th Asia-Europe Foreign Ministers' Meeting which will be held in Nay Pyi Taw starting today.
Myanmar de facto leader Aung San Suu Kyi during a press briefing with US Secretary of State Rex Tillerson on Wednesday. She said mutual understanding of problems like terrorism would be crucial for peace and economic development.
Wang urged the worldwide community including the United Nations should create a good atmosphere for the consultations between Bangladesh and Myanmar, Xinhua added.
It then moves to calls for the worldwide community to encourage Myanmar and Bangladesh to keep up talks to find a "feasible solution" after the two nations reached an initial agreement on the repatriation of refugees.
"The final phase should be to work toward a long-term solution based on poverty alleviation", according to Wang, ascited by Reuters.
The speech comes as her country is accused of violently pushing out hundreds of thousands of unwanted Rohingya Muslims.
Wang was still in Myanmar on Monday to participate in a meeting of Asian and European foreign ministers.
"First is to have a cease-fire and to restore order and stability, so the people could stop running away and live in peace", Wang said. The EU leader had said that the Rohingya crisis would be on the agenda of the bilateral meetings on the sidelines of the conference.
He urged ASEM to focus more on connectivity of ideas and culture to reduce tensions among countries and the region while focusing trade and physical connectivity.