Reuters

BEIJING (Reuters) - China's largely rubber-stamp parliament on Saturday approved a government reorganization plan that merges China's banking and insurance regulators, gives new powers to policymaking bodies such as the central bank and creates new ministries.

 

The vote was witnessed by journalists inside central Beijing's Great Hall of the People.

 

Details of the plan were announced on Tuesday. Parliament is packed with legislators loyal to the ruling Communist Party meaning it was always going to pass.

 

(Reporting by Philip Wen; Writing by Ben Blanchard)