The China Fund, Inc. Reports Third Quarter Results NEW YORK, Sept. 15 /PRNewswire-FirstCall/ -- The China Fund, Inc. (NYSE: CHN) today announced its financial results for the third quarter ended July 31, 2004. The Fund is a closed-end management investment company seeking long-term capital appreciation primarily through investments in equity securities of China companies. For the nine months ended July 31, 2004, the Fund reported net investment income of approximately $1,556,520 or $0.15 per share versus net investment income of approximately $1,048,906 or $0.10 per share for the nine months ended July 31, 2003. Net realized and unrealized gains for the nine months ended July 31, 2004, were $98,404,461 or $9.76 per share compared to net realized and unrealized gain of $95,155,059 or $9.45 per share for the nine months ended July 31, 2003. The Fund's total net assets on July 31, 2004 were $247,314,661 and its net asset value per share was $24.53 based on 10,081,913 shares outstanding. This represents a (4.65%) decrease 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. July 31, 2004 October 31, 2003 July 31, 2003 Total Net Assets $247,314,661 $271,278,220 $241,676,528 Net Asset Value $24.53 $26.93 $23.99 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/. DATASOURCE: The China Fund, Inc. CONTACT: Belinda Hernandez of State Street Corporation, +1-617-662-3800 Web site: http://www.chinafundinc.com/

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