The China Fund Announces Intended Rights Offering
Boston, Massachusetts, March 16, 2005

The China Fund, Inc. (the "Fund"), a closed-end investment company, announced yesterday that it is planning to conduct a non-transferable rights offering of its common shares. The rights will be issued, once the Securities and Exchange Commission registration statement has been declared effective, to shareholders as of a record date expected to be in June or July of this year. One of the principal purposes of the proposed rights offering is to take advantage of investment opportunities in China, including China's "A" Share market which has been recently opened to non-Chinese investors. While the terms of the rights offering will depend on market conditions at the time the rights offering is commenced, the Fund is currently contemplating issuing rights to purchase one share for every three shares outstanding at the record date. The subscription price has not yet been determined by the Fund, but it is the intention of the Fund that the subscription price will be at a premium over the net asset value per share of the Fund on the expiration date of the rights offering.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR SALE.