Foreign Ministry spokesman Hong Lei said Tuesday that a Chinese company's takeover of the management of the Gwadar Port in Pakistan is part of the two countries' cooperative efforts.

Hong said the transfer of the managing rights is a business project that falls under trade and economic cooperation conducted between China and Pakistan.

According to reports, the two sides officially signed an agreement on transferring the management rights of the Gwadar Port to a Chinese company at a ceremony held in the presidential residence in Islamabad on Monday.

When asked to comment on the strategic significance of the deal, Hong said boosting China-Pakistan cooperation is not only in the interests of both countries, but also conducive to maintaining regional stability and development.

"Chinese companies have long been actively cooperating with Pakistan in multiple areas," Hong said.

Operating the Gwadar Port, a deep-water port located in southwest Pakistan and in the Arabian Sea, is regarded by international observers as a strategic move for China to attain energy security and expand sea channels.