The China Fund, INC. Declares distributions
NEW YORK, December 22, 2008

The China Fund, Inc. confirms the amount of the previously announced distributions of $5.8174 per share. The capital gain portion of the distributions is comprised of long-term capital gains at $5.3361 per share. The net investment income portion of the distributions is $0.4813 per share.

As previously reported, the distributions will be payable on January 23, 2009 to shareholders of record on December 24, 2008 with an ex-dividend date of December 22, 2008. The distributions will be paid in the Fund's common stock. Stockholders may, however, request that their distributions be paid in cash in lieu of common stock. Such requests must be for the entire distribution payable to the stockholder. The aggregate amount of cash distributions to all stockholders will be limited to 30% of the aggregate dollar amount of the total distributions. If cash distribution requests exceed this limit, the Fund will pro rate the cash distribution among all stockholders who have made such requests, based on the amounts requested. Requesting stockholders who do not receive 100% of their distributions in cash, will receive the balance in common stock. Stockholder requests to receive cash in lieu of stock must be received by January 15, 2009.

The per share value of shares of the Fund's common stock to be issued in the distribution will be determined on January 16, 2009. The per share value will be the closing price on the New York Stock Exchange of the Fund's common stock on that date, unless the net asset value per share of common stock on that date is less than the closing price, in which case the per share price will be the net asset value per share of the common stock (but not less than 95% of the closing price) on January 16, 2009.

A written notice of the planned distributions will be sent to stockholders. The written notice will include instructions on how stockholders can request to receive cash in lieu of stock.

Stockholders who have questions regarding the distribution may contact The Altman Group at 1 888 CHN CALL (246-2255). In addition, the Fund has posted on its website, www.chinafundinc.com, information regarding the distribution, including frequently asked questions.

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 listed on the New York Stock Exchange under the ticker symbol "CHN". The Fund's investment manager is Martin Currie Inc.