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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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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"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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There will also be new administrations, such as an global development cooperation agency, a state immigration administration, and a banking and insurance regulatory commission.