The China Fund, Inc. Reports First Quarter Results

The China Fund, Inc. Reports First Quarter Results 


NEW YORK, March 15  /PRNewswire-FirstCall/ -- The China Fund, Inc.  today
announced its financial results for the first quarter ended January 31, 2004. 
The Fund is a closed-end management investmentcompany 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.

On January 31, 2004, the Fund's total net assets were $275,891,095 and its net
asset value per share was $27.36 based on 10,081,913 shares outstanding. This
represents a 6.4% increase in the Fund's net asset value of $26.93 on October
31, 2003 after taking into consideration the net investment income dividend and
capital gain distribution totaling $1.78 per share paid on January 15, 2004. 
The Fund's total net assets on October 31, 2003 were $271,278,220.

For the quarter ended January 31, 2004, the Fund reported a net investment loss
of approximately $531,150 or $0.05 per share versus a net investment loss of
approximately $280,970 or $0.03 per share for the quarter ended January 31,
2003.  Net realized and unrealized gains, for the three months ended January 31,
2004, were $14,731,533 or $1.46 per share compared to net realized and
unrealized gains of $18,621,231 or $1.85 per share for the first quarter of
fiscal year 2003.

                        January 31, 2004  October 31, 2003  January 31, 2003
  Total Net Assets           $275,891,095    $271,278,220  $174,510,935
  Net Asset Value                  $27.36          $26.93        $17.32
  Shares Outstanding           10,081,913      10,073,173    10,073,173



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.  The Fund's
direct investment manager is Asian Direct Capital Management.

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:
   Belinda Hernandez
   State Street Corporation
   617-662-3800


DATASOURCE: The China Fund, Inc.



CONTACT: Belinda Hernandez, State Street Corporation, [phone] 



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

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