Residents of Shanghai will be permitted to open individual free trade accounts for direct outbound investment within the China (Shanghai) Pilot Free Trade Zone, the Financial Times newspaper said on Monday, quoting Shanghai Party chief Han Zheng.

The paper said the move is part of the efforts to provide greater freedom in overseas investments and said the pilot program may start next year.

Qualified individuals will be allowed to set up free trade accounts within the FTZ, which will enable Chinese investors to put their money in overseas stocks, bonds and real estate, according to Han.