VMware vSphere Client errors on Windows 7

Trying to start VMware vSphere Client on Windows 7 to connect ESX / ESXi machine or vCenter, throws two error boxes:
Could Not Connect
---
Error parsing the server "vcenter.lan" "clients.xml" file.
Login will continue, contact your system administrator.

and

Error
---
The type initializer for 'VirtualInfrastructure.Utils.HttpWebRequestProxy' threw an exception.

Searched VMware forums without any luck. VMware recommendation is to use XP mode.

However there is a workaround.

Fix VMware vSphere Client errors on Windows 7

Take a System.dll file from non Windows 7 machine, with latest Microsoft .net updates. Usually:
C:\Windows\Microsoft.NET\Framework\v2.0.50727\System.dll

Copy it to folder Fix under vSphere installation folder, for example:
C:\Program Files\VMware\Infrastructure\Virtual Infrastructure Client\Launcher\FIX\

In VpxClient.exe.config file add the following tags runtime (3 lines), marked with bold:
<?xml version="1.0" encoding="utf-8"?>
<configuration>
  <system.net>
    <connectionManagement>
      <clear/>
      <add address="*" maxconnection="8" />
    </connectionManagement>
  </system.net>
  <appSettings>
    <add key = "protocolports" value = "https:443"/>
  </appSettings>
  <runtime>
    <developmentMode developerInstallation="true"/>
  </runtime>
</configuration>

Then create batch file (this is how you will launch vSphere Client), with the following content:
SET DEVPATH=%ProgramFiles%\VMware\Infrastructure\Virtual Infrastructure Client\Launcher\FIX
"%ProgramFiles%\VMware\Infrastructure\Virtual Infrastructure Client\Launcher\VpxClient.exe"

P.S. Of course, this is not an official workaround, but it works for me on Windows 7 Ultimate 32-bit version (System.dll was copied from Windows Vista Ultimate 32-bit). Use it at your own risk.