China will bar foreign companies from investing or exploring in major non-renewable mineral resources, according to a policy statement issued by the Ministry of Commerce and the National Development and Reform Commission (NDRC).

Under a new set of regulations, foreign firms will also be restricted or forbidden to invest in other projects which emit high amounts of pollution or consume excessive amounts of energy.

China will no longer encourage foreign companies to invest in rare mineral resources in the mainland, the statement said.

The country will, however, encourage foreign firms to invest in renewable energy, ecological, and environmentally-friendly projects, it added.

The Chinese government will further "prudentially" open up strategic industries concerning matters of economic security to foreign investors, according to the statement.

Furthermore, the Ministry of Commerce and the NDRC said that China will not focus solely on an export-oriented trade policy amid a large trade surplus and surging foreign reserves.