TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The basic catalyst comprises a cation from Group I or Group II elements, where the basic catalyst comprises an oxide, a hydroxide, and/or a carbonate. The cation is potassium, sodium or calcium. The basic catalyst is lime or dolomite. The acidic catalyst comprises a solid acid, where the solid acid comprises a zeolite including zeolite sieve of molecular porosity containing hydrogen ions (HZSM) or H-mordenite.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Process: In the process, the steps of heating the solid biomass and cracking the bio-crude are carried out simultaneously or sequentially. The step of cracking the bio-crude is started after the step of heating the solid biomass is partially completed, and before the step of heating is fully completed. In the process, the steps of heating and cracking are carried out in the same reactor or different reactors. The step of heating the solid biomass is carried out in a fluid bed riser, and the step of cracking the bio-crude is carried out in a stripper, a cyclone or a disengager downstream from the fluid bed riser. The step of cracking the bio-crude is carried out at a lower or higher temperature than the step of heating the solid biomass. The solid biomass material and the basic catalyst are mixed in the reactor or mixed prior to entering the reactor for heating. The biomass material and the basic catalyst are mixed in a pretreatment step comprising mechanical action, where the mechanical action comprises co-milling, co-grinding, and/or co-kneading. In the process, prior to the step of heating the solid biomass, the ash content is lowered by extraction of indigenous salts with an aqueous liquid, where the extraction of indigenous salts comprises swelling the solid biomass with the aqueous liquid, and removing at least part of the aqueous liquid from the solid biomass by mechanical action. The step of cracking the bio-crude is carried out in a fluidized bed reactor. The bio-crude is separated from unconverted biomass prior to the step of cracking the bio-crude. Preferred Components: The bio-oil has a total acid number of less than 40, preferably less than 20. The solid biomass has an ash content of less than 5%, preferably less than 2%. EXAMPLE - No suitable example given.