BEIJING — China should speed up efforts to create a more open, fair, transparent business environment and increase its competitiveness to attract foreign investment, Chinese Vice Premier Wang Yang said Tuesday.

As China steers the new normal of economic development, foreign investment faces new challenges, but the fundamental need for steady growth of foreign investment remains unchanged, said Wang.

China's comprehensive competitiveness to attract foreign investment also remains constant, as does the willingness of transnational corporations to invest in China, the vice premier said.

China will open wider to foreign investment, not only in manufacturing, but also in the service sector, and increase the level and quality of foreign investment, Wang said.

He added that foreign investment should expand from eastern regions to central and western regions, and move from the lower end of the value chain to the middle and high end.

China will continue to reduce market access restrictions for foreign capital as well as granting fair treatment in laws and policies to foreign-funded companies after they enter the market, Wang said.