China will strive to reach a "phase one" trade agreement with the United States as both sides keep communication channels open, the Chinese commerce ministry said on Thursday, in an attempt to allay fears talks might be unraveling.

China is willing to work with the United States to resolve each other's core concerns on the basis of equality and mutual respect, and will try hard to reach a phase one deal, Gao Feng, spokesman at the ministry, told reporters.

"This is in line with the interests of both China and the United States, and of the world," Gao said.

Economists warn that the prolonged trade dispute between China and the United States is escalating risks to the global economy by disrupting supply chains, discouraging investment and dampening business confidence.

Officials from Beijing had suggested that Chinese President Xi Jinping and Trump might sign a deal in early December.