"If the Russian side needs it, we will provide necessary assistance within our capacity," the minister said, according to the China Daily newspaper.
However, Wang stressed that "Russia has the ability and wisdom to overcome the current difficulties in the economic situation," Lenta.ru reported.
Wang also added that China and Russia always support and help each other.
China Daily quoted researcher of the Chinese Academy of Social Sciences Li Jianmin, who suggested that China's assistance would be provided through such mechanisms as the Shanghai Cooperation Organization and the BRICS group of countries.
Meanwhile, Chinese experts predict a worsening of the economic situation in Russia.
"The most difficult time for the Russian economy has only begun, and the next three years will be overshadowed by serious difficulties", said a senior analyst on Russian studies at the China Institute of Contemporary International Relations, Feng Yujun.