Commodities e poder global: uma análise sobre a atuação da COFCO como reflexo da estratégia chinesa no mercado internacional

Abstract

In the last two decades, China has emerged as a major global economic power, driven by State-led development and strategic policies aimed at food security. This study analyzes the role of the state-owned enterprise COFCO in the global commodity market, focusing on its entry into the Brazilian agribusiness sector, the world’s largest soybean producer and exporter. The research investigates how China employs State capitalism tools through COFCO to expand its influence and control over international agricultural commodity flows, replicating the integrated business model of Western trading companies (ADM, Bunge, Cargill, and Louis Dreyfus). The study employs a qualitative case study methodology, combining theoretical and empirical analysis from official data, reports, and literature. Results suggest that COFCO’s acquisition of established companies such as Noble Agri and Nidera in Brazil, coupled with significant investments in logistics and direct relationships with local producers, enhances China’s bargaining power in global commodity markets and reinforces national food security objectives. The hybrid nature of COFCO — balancing State interests and market logics — exemplifies the broader strategy of China’s “Going Global” policy, illustrating how state-owned enterprises act as instruments of geopolitical and economic power in the 21st-century food regime. The research also discusses challenges faced by COFCO in adapting to the Brazilian market and the implications of its presence for competition and the global agricultural trade order.