Chinese private companies are becoming a driving force in promoting industrialization and economic growth in Africa, said a report released on Thursday.

Titled "Market Power and Role of the Private Sector: Report on Chinese Investment in Africa", the report, released by the China-Africa Business Council, said that Chinese private enterprises have advanced industrialization, developed infrastructure, promoted employment and improved people's livelihoods in African countries with growing investment in the continent over the past decades.

Over the past 20 years, China's trade with Africa has increased twentyfold, making China Africa's biggest bilateral trade partner. The report estimated that China's direct investment stock in Africa could exceed $56 billion by the end of 2020, despite the COVID-19 crisis.

According to data from China's Ministry of Commerce, Chinese private companies accounted for around 70 percent of investments in Africa by Chinese companies.

Wu Peng, head of the Department of African Affairs in China's Ministry of Foreign Affairs, said Chinese enterprises are transitioning from "going to Africa" to "taking root in Africa".

In addition to traditional sectors, the report said Chinese enterprises are exploring and venturing into new areas such as medium- and high-tech manufacturing, healthcare and digital economy.

China's investment has contributed to promoting industrialization, creating jobs in Africa, said Wu, adding that China's companies like Huawei and Tencent have created many high-quality investment projects in Africa, promoting the information and communication industry.

Despite being faced with the challenges of the pandemic and global economic slowdown, Chinese companies have remained optimistic and willing to invest in Africa, the report said.

Wang Licheng, chairman of the China-Africa Business Council, said cooperation remains the major trend against the backdrop of the pandemic, and Chinese companies, especially the private ones, will actively improve high-quality China-Africa trade and investment cooperation, contributing to the region's social and economic development.