All sides must cease provocations to maintain peace and stability in the peninsula, Foreign Ministry spokesperson Hong Lei told a daily press briefing on Thursday.

Hong made the remarks after Pyongyang fired two short-range ballistic missiles into the sea and announced it had scrapped all agreements with Seoul on economic cooperation projects and would liquidate all of Seoul's assets in its territory.

The situation on the Korean Peninsula is complex and sensitive, Hong said. The US and the Republic of Korea began large-scale military exercises recently, igniting continued intense responses from the Democratic People's Republic of Korea and China remained seriously concerned about the situation, Hong added.

"All sides should stop using provocative words and deeds to avoid a further rise in tension and to maintain peace and stability in the peninsula, which is in the common interests of all parties," Hong said.