China opened a major economic planning conference on Monday as the country tries to pivot away from its no-holds-barred growth model.

The annual Central Economic Work Conference gives leaders the opportunity to review past economic policy and plan for 2018.

The pursuit of high growth propelled China to the number two spot on a list of the world's largest economies, but led to heavy pollution, rampant waste, and a mountain of debt.

President Xi Jinping has indicated the country would move in a new direction, telling the Communist Party Congress in October that China needs to shift from high growth to high quality development.

Implementing Xi's new approach will be the focus of the behind-closed-doors meeting, state news agency Xinhua said.