'The nuclear talks have been going on for more than 10 years, with intensified talks being held during recent years. I think it's now fair to say that basic elements of the negotiation are in place,” Wang said.

He added that a mutual understanding reached between Iran and the six global powers in the Swiss city of Lausanne “covers all questions concerned, and the basic framework of a nuclear accord has been formed.”

“I think the time has now come for the Iran nuclear issue to be solved,' the Chinese minister said, Press TV reported.

He noted that all relevant parties are making concerted efforts in a bid to ensure a possible comprehensive agreement before the July 7 deadline.

'The Chinese side brought in a couple of solutions to solve the nuclear issue, and I will join my fellow foreign ministers for more detailed discussions. Hopefully a consensus can be reached among the parties concerned,' Wang said.

Iran and the five permanent members of the UN Security Council - the United States, Britain, France, Russia and China -- plus Germany had set June 30 as the deadline to agree on a final nuclear deal, but the ongoing talks in the Austrian capital of Vienna missed the target date as some issues remain unresolved between the two sides.

Iran and the six countries gave themselves another extra week to continue intensive talks in Vienna to hammer out the final deal by July 7.