Abstract: Fonterra is the largest cooperative in the dairy industry in New Zealand and even the world,with tens of thousands of dairy farmers. Fonterra exports nearly 95.0% of New Zealand's dairy products and controls more than one third of the international dairy trade. Dairy farmers who provide milk to Fonterra can get milk money,and enjoy dividends. This production organization mode of enjoying the profits of the whole industrial chain greatly improves the ability of dairy farmers to resist market risks and forms an interest connection mechanism of "benefit sharing and risk sharing". Based on Fonterra's website and calendar year financial reporting data for Fonterra group and farmers benefit coupling mechanism characteristics of the comb to conduct a comprehensive study,introduces the cooperative management mode, on the basis of the Fonterra cooperative and between farmers' benefit coupling mechanism is analyzed, finally advances some Suggestions on promoting the healthy development of China's dairy industry,China should strengthen the construction of fresh milk price negotiation mechanism,strengthen the training of complex dairy industry talents,reduce carbon emissions and enhance the sustainable development of dairy industry.

Key words: Fonterra, cooperative, dairy farmers, interest linkage mechanism