Shanghai is considering rolling out a program to allow its citizens to invest overseas directly, according to an official at the 2011 Shanghai Lujiazui Forum over the weekend.

Xu Quan, an official with the Shanghai municipal government, said the proposal was submitted to the State Council last year.

Under the proposed scheme, individual investors could make overseas investments in foreign enterprises and foreign real estate markets directly, while current regulations require them to set up an offshore entity first.

In January this year, Wenzhou, in the eastern Zhejiang Province, also proposed a similar pilot scheme which will allow adult residents to invest up to $3 million in a single project and no more than $200 million a year.

"According to my knowledge, the State Council has never approved such program yet," said Xu Quan.