The report drawn up by the China-Africa Business Council placed Angola among the 12 African countries that received about two-thirds of the total investments made by the Asian giant on the continent last year.
Among these countries are middle-income nations, including South Africa and Egypt, and others rich in raw materials, such as Nigeria, the Republic of Congo or Zambia.
There were also substantial investments in Ethiopia, Kenya and Tanzania, which are part of the 'one belt, one route' initiative, the transcontinental infrastructure megaplan launched by China, the same source pointed out.
Overall, China's direct investment in Africa increased by 8 percent year-on-year in 2020 to the equivalent of 2.5 billion euros, despite the coronavirus pandemic.
The increase runs counter to the overall downward trend in foreign direct investment in the continent. A report produced by the United Nations indicated that global investment in Africa fell by 16 percent by 2020.
In cumulative total, Chinese investment in the African continent amounted to 40 billion euros, according to the business data.
"Despite the threat of the covid-19 pandemic, the economic slowdown, border closures and the African debt issue, Chinese companies have maintained their willingness to invest" on the continent, Wang Licheng, president of the China-Africa Business Council, pointed out.
Several Chinese state-owned companies are building infrastructure projects such as ports, highways, dams and airports, mostly under the 'one belt, one route' initiative.
According to data from China's Ministry of Commerce, however, private Chinese companies account for about 70 percent of the country's investments in Africa.
The report indicated that in addition to traditional sectors such as infrastructure construction and mining, Chinese companies are exploring new areas, including medium and high-tech manufacturing, in healthcare and the digital economy.
Wu Peng, head of the Department of African Affairs at China's Ministry of Foreign Affairs, recently stated that Chinese companies are transitioning from the "go to Africa" model to one of "putting down roots in Africa."
China is also Africa's largest trading partner, since 2009, when it overtook the United States.
China-Africa trade, which in 2019 exceeded 170 billion euros, fell to about 150 billion last year, reflecting the impact of the pandemic.
