David Cameron has been given special dispensation to broker talks between the British and Chinese governments in a new role leading a £750m government-backed investment fund.

The Advisory Committee on Business Appointments (ACOBA) has waived its usual stipulation effectively placing a two-year ban on former ministers liaising with the Government as part of new jobs taken up after leaving office.

Instead Mr Cameron will be allowed to "facilitate dialogue with the UK and Chinese governments ... at the invitation of the UK Government."

Yesterday it was confirmed that the former prime minister will become vice chairman of UK-China Fund, a new private equity fund, after being approached for the role by Lord Chadlington, a friend and former Tory donor.

The announcement came as the Treasury separately said around £1.4 billion worth of commercial deals had been agreed as part of a trip to China by the Chancellor and business leaders.

Mr Cameron's fund is a private sector initiative that does not involve any taxpayer money - but has been backed by ministers on the basis it provides support for UK-China relations.

Unusually, ACOBA drew attention to the fact "the fund will be domiciled in the Republic of Ireland", but added that the way it is structured and taxed "is not within the scope of this committee".