The China Fund, Inc. Reports First Quarter Results

NEW YORK, March 16  /PRNewswire-FirstCall/ -- The China Fund, Inc. (NYSE: CHN) today announced its financial results for the first quarter ended January 31, 2009.  The Fund is a closed-end management investment company seeking long-term capital appreciation primarily through investments in equity securities of companies engaged in a substantial amount of business in the People's Republic of China, including Hong Kong.

On December 4, 2008, the Fund announced that it had declared an annual dividend and capital gain distribution to the Fund's stockholders, totaling $5.8174 per share.  The total dividend and capital gain distribution per share consisted of $0.4813 net investment income and realized long term capital gains of $5.3361. The dividend and capital gain distribution was paid on January 23, 2009, to the stockholders of record at the close of business on December 24, 2008.  On January 31, 2009, the Fund's total net assets were $373,467,428 and its net asset value per share was $16.39 based on 22,781,762 shares outstanding.  After taking into consideration the December distribution of $5.8174, the Fund's total return for the quarter ended January 31, 2009 was 2.95%.

For the quarter ended January 31, 2009, the Fund reported a net investment loss of approximately $46,464 versus a net investment gain of approximately $128,665 for the quarter ended January 31, 2008.  Net realized and unrealized gains, for the three months ended January 31, 2009 were $10,854,522 or $0.48 per share compared to net realized and unrealized losses of $146,661,856 or $8.08 per share for the first quarter of fiscal year 2008.

                     January 31, 2009   October 31, 2008   January 31, 2008
                     ----------------   ----------------   ----------------
  Total Net Assets       $373,467,428       $394,357,447       $690,320,515
  Net Asset Value              $16.39             $21.72             $38.03
  Shares Outstanding       22,781,762         18,153,741         18,153,741



The China Fund, Inc. is listed on the New York Stock Exchange under the ticker symbol "CHN".  The Fund's investment manager is Martin Currie Inc.

For further information regarding the Fund and the Fund's holdings, please call (888)-CHN-CALL or visit the Fund's website at http://www.chinafundinc.com/.

  CONTACT:

  Warren Antler
  The Altman Group
  212-400-2605
  

DATASOURCE: The China Fund, Inc.



CONTACT:  Warren Antler of The Altman Group, [phone],





Web Site:  http://www.chinafundinc.com/ 

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