BEIJING—President Xi Jinping is shaking up his economic team ahead of a major power shuffle as China battles rising financial risks at home and friction with its trading partners.

The change, according to people familiar with the matter, involves China’s top banking regulator, the commerce minister and the top economic-planning official, who have all reached the usual retirement age of 65. Slated to succeed them are two close associates of Mr. Xi and a well-known technocrat, the people said.

...