China's foreign ministry on Thursday refuted recent reports that Venezuela intended to pay off its debt to China with an island, saying that all its loan repayments "perform normally."

Hong Kong media reports said that Venezuela is considering transferring its 64-square-kilometer Blanquilla island in the Caribbean Sea to China to clear its debt of $50 billion, and that it might apply for another $10 billion loan during Venezuelan Finance Minister Rodolfo Marco Torres's visit to China.

Chinese foreign ministry spokeswoman Hua Chunying told a regular press conference that such reports were "groundless."

Hua said Torres, who came to China on Tuesday, has exchanged views with Chinese authorities and financial institutions regarding bilateral cooperation.

Hua added that Venezuela, an important economic and trade partner of China, has established mature and effective cooperation mechanisms for financing. "Currently, each repayment of capital and interest of China's loans performs normally," she stressed.

Hua did not directly respond to a question about whether Venezuela is seeking more loans from China during Torres' visit, saying that the visit aims to improve "practical cooperation."

Venezuela has long been a major recipient of Chinese loans, accounting for around half of Beijing's lending to the region. Since 2006, it has taken on $50 billion of oil-backed debt. The terms of the loans have already been extended beyond their current three years, the Financial Times reported on October 22.

During Chinese President Xi Jinping's visit to Venezuela in July, China promised to grant a loan of $5.7 billion to help Venezuela cope with its economic slump, according to China's Ministry of Commerce.

Venezuela is the most energy-dependent country in Latin America. The value of output from oil and natural gas accounts for 25 percent of its GDP and its oil income makes up 95 percent of its total export income, the Xinhua News Agency reported Wednesday.