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China and Venezuela have reached a consensus to "increase flexibility" in bilateral financing cooperation, a spokesperson for the Foreign Ministry said on Tuesday.

Spokesman Hong Lei told a routine press briefing that the two sides agreed to explore ways to increase the flexibility of their financing cooperation mechanism to "take account of changes in international oil prices".

He said that the financing cooperation between China and Venezuela is "commercial cooperation" between banks and enterprises, and the money is mainly used in Venezuela's economic and social development projects as well as China-Venezuela cooperative projects.

The financing cooperation has brought tangible benefits to both sides, Hong added.

According to Reuters, Venezuela's top economic official said on Monday that Venezuela has reached a deal with China to improve an oil-for-loans deal, giving Venezuela "oxygen" ahead of heavy debt payments.

Venezuelan economy vice president said the deal would give the country "oxygen" to go forward. Venezuela has reached a deal with its main financier China to improve the conditions of an oil-for-loans deal, giving the oil exporting country's crisis-hit economy a break as it faces heavy debt payments, its top economic official has said.