China's top economic planning body on Thursday said that it has started to formulate the 13th Five-Year Plan covering 2016 to 2020, with deepening reforms and shifting the country's economic growth model at the forefront.

"China's development has entered a new phase and is facing both unprecedented opportunities[Company Registration in USA] as well as risks and challenges," said Xu Shaoshi, head of National Development and Reform Commission (NDRC), on Thursday at a work conference, marking the start of the drafting of the plan.

The global economic growth patten, division of labor in different industries internationally, global investment and trade rules, and geopolitical environment are undergoing fundamental shifts, Xu said at the conference attended by officials from other departments of the State Council, China's cabinet, and local provinces.

In the 13th Five-Year Plan period, China must achieve the lofty goal of building a moderately prosperous society and substantial progress of deepening its reform in a comprehensive manner and shifting its economic development model, said Xu.

Drafting a long-term development plan is an important tool to improve the government's [Company Formation | Offshore Company | Company Incorporation]macro-management and governance capabilities. The plan should advance with the times and reflect people's wishes, Xu added.

Xu did not specify when the draft of the plan will be completed.

China's five-year plan sets out a broad economic and social policy framework for the country, and needs to be approved by the National People's Congress, China's top legislature. The country's 12th Five-Year Plan period covers 2011 to 2015.