The China Fund Inc.

The China Fund, Inc. Declares Distributions

New York, New York, December 18, 2020 — The Board of Directors (the “Board”) of The China Fund, Inc. (the “Fund”) has declared capital gain and net investment income distributions in the estimated aggregate amount of $2.3123 per share. The capital gain portion of the distributions is comprised of long-term capital gains of $0.7033 per share and short-term capital gains of $1.4588. The net investment income portion of the distributions is estimated to be $0.1502 per share. The distribution will be payable on January 8, 2021 to stockholders of record on December 29, 2020, with an ex-dividend date of December 28, 2020.

The Fund has a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) that is open to all stockholders. If the Fund’s shares trade at a premium to the net asset value of the Fund, the Plan provides stockholders with 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 stockholders may elect to participate in the Plan or may withdraw at any time within the limitations described in the Plan.

Stockholders who have questions regarding the distribution may contact AST Fund Solutions, LLC at 1 888 CHN CALL (246-2255).

The Fund is a closed-end management investment company with the objective of seeking long-term capital appreciation by investing primarily in equity securities (i) of companies for which the principal securities trading market is the People’s Republic of China (“China”), or (ii) of companies for which the principal securities trading market is outside of China, or constituting direct equity investments in companies organized outside of China, that in both cases derive at least 50% of their revenues from goods and services sold or produced, or have at least 50% of their assets, in China. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol “CHN.”

For further information regarding the Fund and the Fund’s holdings, please call (888)-CHN-CALL or visit the Fund’s website at www.chinafundinc.com.

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