Liu He, President Xi Jinping's top economic adviser, is overseeing that battle on financial risk and praised the reforms as "revolutionary" in an editorial published in Communist party mouthpiece the People's Daily on Tuesday.
The securities and state assets regulators were not mentioned among the proposed changes.
The changes include the establishment of a national market management bureau. Once this happens, the Cabinet will consist of 26 Ministries and Committees.
China is in the midst of a battle against financial risk, as credit in the world's second largest economy has exploded since the financial crisis a decade ago.
China will merge its banking and insurance regulators and transfer some of their roles to the country's central bank People Bank of China (PBOC), according to a parliament document released today during the annual session of the National People's Congress.
CSRC Chairman Liu Shiyu "is both politically savvy and fairly powerful in his own right, at least when compared to other financial regulators".
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There will also be new administrations, such as an worldwide development cooperation agency, a state immigration administration, and a banking and insurance regulatory commission.
Many brokerages also structure wealth management products as a channel for hidden bank lending, in addition to the more traditional business of facilitating share trades and investment banking services.
Several new ministries will be created, including a more encompassing Ministry of Agriculture and Rural Areas as well as ministries for emergency management, ecology and environment, and veteran affairs.
Such regulatory arbitrage and risky cross-asset investments have anxious policymakers.
The new agency will be formed as part of a broad reshuffle of government departments that the country's largely rubber-stamp parliament will formally approve on Saturday. It will be responsible for price control and enforcement of anti-trust legislation, taking on these functions from the National Commission on Development and Reforms, the Ministry of Commerce and the State Council.