The China Fund, Inc. declares dividend and capital gain distribution
NEW YORK, Dec. 10, 2004

The China Fund, Inc. (NYSE: CHN), today announced that it has declared an annual dividend and capital gain distribution to the Fund's stockholders, totaling $3.5701 per share. The total dividend and capital gain distribution per share consists $0.1963 of net investment income through December 31, 2004 and realized short-term and long term capital gains of $0.1074 and $3.2664, respectively, through October 31, 2004. The dividend and capital gain distribution will be payable on January 7, 2005, to the stockholders of record at the close of business on December 22, 2004.

Certain ordinary dividends paid by the Fund may be subject to a maximum tax rate of 15% as provided for by the Internal Revenue Code. The Fund intends to designate up to the maximum amount of such dividends allowable. Complete information will be reported to shareholders in conjunction with their 2004 Form 1099-Div which will be distributed during January, 2005.

The Fund has a Dividend Reinvestment and Cash Purchase Plan (the "Plan") that is open to all shareholders. If the Fund shares continue to trade at a premium to its NAV,the dividend reinvestment provides you as a shareholder the ability to invest in the Fund at an amount less than market price per share. If the Fund is trading at a discount, Plan participants will receive shares of the Fund valued at market price per share. All shareholders may elect to participate in the Plan and may withdraw at any time within the limitations described in the Plan. If your shares are registered in a name other than your own (for example, in a broker's or nominee's name), you should contact your broker or nominee to arrange for participation.

The Fund is a closed-end management investment company seeking long-term capital
appreciation primarily through investment in the equity securities of companies engaged
in a substantial amount of business in the People's Republic of China.

The China Fund, Inc. is traded on the New York Stock Exchange with 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.

CONTACT:
Belinda Hernandez
State Street Corporation
617-662-3800