Details of a reform measure in the China (Shanghai) Pilot Free Trade Zone to allow investment in overseas securities market will be unveiled by March, Shanghai's Deputy Mayor Tu Guangshao said on Monday.

As a key link in the financial reform in the Shanghai FTZ, opening the capital account will make "substantial progress" in 2014, and details will come out in the first quarter this year, Tu said at a Hong Kong forum, Economic Information Daily reported.

China's regulations on the capital account means investment in overseas securities market or foreign investment in the domestic capital market could only be done by certain companies, known as qualified domestic institutional investors and qualified foreign institutional investors.