China is set to issue a new foreign investment policy to attract quality and environmentally friendly foreign investment, state media reported. According to Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, "China encourages foreign investment in hi-tech, environmentally friendly industries instead of industries that consume energy and resources excessively and cause pollution." Zhang said it was imperative that China transforms itself from an excessive energy consumer and polluter to an economy that relies more on high technology, and from a world factory to an economy that is based on domestic consumption.
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