top of page

UA News and the Unconventional Ag event series are no longer being offered. You can continue to stay updated on the global ag, agtech, food, and food tech sectors through our other publications and events: Global AgInvesting conference series, AgInvesting Weekly, Agtech Intel NewsWomen in Agribusiness Summit, and Women in Agribusiness Today.  We are grateful for your past support, and look forward to staying connected with you through our range of media platforms.

  • By Lynda Kiernan-Stone, Global AgInvesting Media

The World's Third Largest Corn Refiner Taken Over by Chinese Provincial Government

China’s provincial governments are stepping in and rescuing companies in danger of defaulting, raising concerns over the debt being held by Chinese banks and the effect these unprofitable companies are having on the country’s economy.

Hong Kong listed Global Bio-Chem, the third largest corn refiner in the world and the largest in Asia had recently shut down production after reaching $1.9 billion in debt to banks and local businesses, and failing to pay farmers for their crops.

It has since been taken over the Modern Agricultural Industry Investment Ltd., which is owned by the Jilin Provincial government and the city of Jilin. Over the past ten years, Jilin Province, the largest corn producing province in the country, has actively encouraged the development of businesses that process corn into starch, feed, corn syrup, and biofuels in order to support its rural economy.

As the Chinese economy rapidly grew, Global Bio-Chem did as well, but when demand from the Chinese livestock and food processing sectors slowed and domestic corn prices climbed under a domestic corn purchasing program, the company faced quickly shrinking margins.

NeverStop - 650x85.jpg
CPM Logo Image
LECO Ad Image
MOSOY-NovDecJan-1000 x825-02.png
UA News Subscribe Image


Contact Lynda Kiernan-Stone,

editor of Unconventional Ag News, to submit a story for consideration:

bottom of page