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, +1-617-662-3800 Web site: http:/// http://www.chinafundinc.com/

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