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Neomercantilism is commonly portrayed as a central mechanism of China's global agribusiness engagement. It implies reordering the international food regime by moving away from financial and trade liberalization and securing stable import supplies and price controls under state support. However, this article raises an alternative interpretation through an empirical‐rich investigation of the prominence of the state‐owned China Oil and Foodstuffs Corporation (COFCO) in the soybean commodity chain. The article draws upon analyses of the Chinese state and international food regime to demonstrate that recent changes in state‐capital relations during the Xi Jinping administration propelled forms of capital accumulation based on financial speculation and shareholder values. I conclude that state‐driven internationalization has placed Chinese agribusiness in an advantageous position within global finance rather than challenging it through agrarian neomercantilist strategies. [ABSTRACT FROM AUTHOR]