The China Banking and Insurance Regulatory Commission is to be replaced by a new financial regulator directly under control by the Government's State Council as part of a raft of big changes to the country's supervision of the industry.
The widely reported plans were announced on 7 March for the new national regulator, as yet unnamed.
China's financial sector is currently overseen by the People's Bank of China, the CBIRC, and the China Securities Regulatory Commission (CSRC), while the cabinet's Financial Stability and Development Committee has an overarching role.
Certain functions of the PBOC and CSRC will be transferred to the new administration.
The national regulator will "strengthen institutional supervision, supervision of behaviours and supervision of functions," according to the plan, with all kinds of financial activities to be supervised according to the law.
Supervision will be "penetrating" and "continuous", it further said.
Later this week (10 March) at its annual parliamentary session, the National People's Congress will vote on the extensive reform plan.
There are also reports that the president, Xi Jinping, who is expected to be granted a third presidential term on Friday, will revive the Central Financial Work Commission, an organisation that would supervise the financial system on behalf of the Chinese Communist party, although this has yet to be announced publicly.
