The merger of the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC) is aimed at resolving existing regulatory problems such as unclear responsibilities and cross-regulation, according to the document.
The reform plan will be submitted to the ongoing first session of the National People's Congress (NPC) for deliberations, state-run Xinhua news agency reported.
The banking and insurance regulators would become a single entity, the paper said.
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The union has threatened a further 14 days of strikes, "designed to hit the exam and assessment periods between April and June". The hashtag #NoCapitulation was trending on Twitter as staff members and students took to social media to voice their anger.
China is in a middle of battle against financial risk, as credit in the world's second largest economy has exploded since the financial crisis a decade ago.
The ministry shake-up also includes the creation of a new immigration management bureau and the restructuring of the national intellectual property rights bureau. 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.
Among the new entities are a ministry of natural resources, a ministry of veterans' affairs and a ministry of emergency management.
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Several institutional investors have recently bought and sold shares of OXY. 89 funds opened positions while 264 raised stakes. It improved, as 42 investors sold HON shares while 453 reduced holdings. 18 funds opened positions while 37 raised stakes.
"It focuses on the needs of development and meets the people's expectations", Wang said, adding that the restructuring forms part of a broader plan by the Communist Party of China to deepen the reform of the Party and state institutions.
On Sunday, the parliament voted to amend the constitution to remove presidential term limits, opening the way for President Xi Jinping to rule indefinitely.
The new plan also intends to cut bureaucracy and turf wars by removing overlapping duties and responsibilities, the Post report said. Once this happens, the Cabinet will consist of 26 Ministries and Committees.
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The strongest labour market is anticipated by Wholesale & Retail Trade sector employers with a Net Employment Outlook of +21%. However, these improved outlooks have been offset by a softening in hiring expectations across a number of other key sectors.
There will also be new administrations, such as an global development cooperation agency, a state immigration administration, and a banking and insurance regulatory commission.