The securities regulator oversees the country’s stock markets and competes for jurisdiction with the other banking and insurance agencies for oversight of a large gray area of investments that combine aspects of debt and equity. The central bank seeks to maintain the overall stability of the financial system.

The intellectual justification for the merger of just the banking and insurance regulators, Chinese experts said in interviews over the last two weeks, is to create a single regulator for financial institutions that accept money from the public and invest it with guaranteed rates of return. But the China Securities Regulatory Commission needed to stay separate from the new banking and insurance agency, they suggested, because its role involves overseeing markets, in which customers know that they are taking a risk that they may not recover their investments.

But some Western experts have tended to recommend a broader combination of regulatory agencies. They have warned that Chinese financial institutions like Anbang Insurance Group, recently taken over by the central government after it embarked on a program of feverish overseas investment, have tended to exploit gaps in regulatory responsibility between the agencies.

Mr. Xi did create a lightly staffed financial supervisory commission last summer, which Mr. Liu is expected to take charge of in the coming days, that oversees all the regulatory agencies. Alicia Garcia-Herrero, an economist in the Hong Kong office of Natixis, a French financial institution, said that the limited financial regulatory consolidation set forth on Tuesday would leave that commission with a lot of power.

“The beauty of this more fragmented model for Xi is that he is still the final overseer through the oversight commission he created,” she said.

The restructuring will also create a new, separate National Market Regulation and Administration Bureau to take over responsibility for registering and supervising companies, food and drug inspection, and price supervision. The new bureau will also grab control over antimonopoly actions from the Ministry of Commerce and another, smaller government agency.

China’s industrial takeoff and feverish urban growth have created dangerous levels of air, water and soil pollution, and placed deepening strains on land and water resources. The reforms proposed creating two superministries to take on those problems: a Ministry of Natural Resources and a Ministry of Ecology and Environment.