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Apart from constant backing from the government and universities, more investment from the private sector is needed to facilitate the manufacturing of Hong Kong's high-tech anti-epidemic products, say experts.

Announced on Saturday as one of 72 outcomes from the ninth China-UK Economic and Financial Dialogue held in Beijing, the fund is being hailed as a new milestone in the "golden era" of China-UK relations that began in October 2015 when President Xi Jinping met Cameron during Xi's state visit to the UK.

Apart from upgrading its industrial structure, Ningbo also needs to evolve as a city of higher strategical importance, said Xu.

Another key development will be to build advanced steel making factories overseas although the company has yet to reveal the global locations or time frames for the projects.

Anyone who intentionally violates or circumvents the regulation or fails to take the required action will be strictly punished in accordance with law and Party discipline. The regulation also stipulates that retired cadres and former management personnel of Moutai Group also need to abide by the rules.