BEIJING, March 8 (Xinhua) -- China proposed "double suspension" to defuse the looming crisis on the Korean Peninsula, Chinese Foreign Minister Wang Yi said Wednesday.

"As a first step, the Democratic People's Republic of Korea (DPRK) may suspend its nuclear and missile activities in exchange for the suspension of large-scale U.S.-Republic of Korea military exercises," Wang told a press conference on the sidelines of the annual session of the National People's Congress.

This will help the parties to break out of the security dilemma and return to the negotiating table, Wang said.

"We may follow the dual-track approach of denuclearizing the peninsula on the one hand and establishing a peace mechanism on the other," he added.

Using a railway metaphor, Wang compared the DPRK and the U.S.-ROK to two accelerating trains, coming toward each other.

"Are the two sides really ready for a head-on collision?" He asked. "The priority is to flash the red light and apply the brakes."

Wang said the nuclear issue on the Korean Peninsula is mainly between the DPRK and the United States, but China, as a next-door neighbor with a lips-and-teeth relationship with the Peninsula, is indispensable to the resolution of the issue.

China has a strong commitment to denuclearizing the peninsula, maintaining stability there, and resolving the issue peacefully, the minister said.

China has done its best to bring the DPRK and the U.S. back to the negotiation table and push forward the six-party talks, Wang said, adding that China has made its contribution to adopting and implementing UN Security Council resolutions.

Wang continued his metaphor by saying that China is willing to be a "railway switchman" to switch the issue back to the right track.