The China Fund, Inc. Declares Distributions

The China Fund, Inc. Declares Distributions

NEW YORK, December 16, 2015 — 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 US$1.4958 per share. The capital gain portion of the distributions is comprised of long-term capital gains estimated at US$0.8462 per share and short-term capital gains estimated at US$0.4363 per share. The net investment income portion of the distributions is estimated to be US$0.2133 per share. The capital gains portion of the distribution was reduced by approximately US$2 million (approximately US$0.13 per share) as a result of a contractual reimbursement of Chinese capital gains tax imposed during the fiscal year, based on transactions which occurred from November 17, 2009, to November 16, 2014. This reimbursement was the subject of a press release issued by the Fund on October 30, 2015 and, absent any further changes in Chinese tax regulations, the Board does not anticipate any further tax reimbursement on previously reported securities transactions. The precise amount of the distributions will be determined on the ex-dividend date of the distributions, at which time the Fund will make a further announcement. The distributions will be payable on January 6, 2016 to stockholders of record on December 28, 2015 with an ex-dividend date of December 23, 2015.

The Fund has a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) that is open to all stockholders. If the Fund shares trade at a premium to the net asset value of the Fund, the dividend reinvestment provides stockholders 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 and 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 seeking long-term capital appreciation primarily through investment in equity securities of companies primarily engaged in 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”.

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