The China Fund, Inc.
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-05749
 
THE CHINA FUND, INC.
 
(Exact name of registrant as specified in charter)
c/o STATE STREET BANK AND TRUST COMPANY
2 AVENUE DE LAFAYETTE
P.O. BOX 5049
BOSTON, MA 02206-5049
 
(Address of principal executive offices)(Zip code)
     
(Name and Address of Agent for   Copy to:
Service)    
     
Elizabeth A. Watson   Leonard B. Mackey, Jr., Esq.
Secretary   Clifford Chance U.S. LLP
The China Fund, Inc.   31 West 52nd Street
4 Copley Place, 5th Floor   New York, New York 10019
Boston, MA 02116    
Registrant’s telephone number, including area code: (888) 246-2255
Date of fiscal year end: October 31
Date of reporting period: January 31, 2009
 
 

 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
EX-99.CERT Certifications of the C.E.C. & C.F.O.

Table of Contents

Table of Contents

Item 1. Schedule of Investments.

 

Table of Contents

THE CHINA FUND, INC.
SCHEDULE OF INVESTMENTS
January 31, 2009 (Unaudited)
                 
Name of Issuer and Title of Issue   Shares     Value (Note A)  
COMMON STOCK AND OTHER EQUITY INTERESTS
                
HONG KONG
                
Consumer Discretionary — (7.7%)
                
Anta Sports Products, Ltd.
     11,072,000     $ 5,125,794  
China Travel International Investment Hong Kong, Ltd.
     6,024,000       932,195  
FU JI Food & Catering Services
     8,689,000       4,011,377  
Huabao International Holdings, Ltd.
     5,500,000       3,546,282  
Intime Department Store Group Co., Ltd. #
     12,568,629       3,484,713  
Ports Design, Ltd.
     3,933,500       4,012,326  
Shangri-La Asia, Ltd.
     4,755,555       5,611,292  
Yorkey Optical International Cayman, Ltd. #
     16,424,000       1,821,453  
 
              
 
             28,545,432  
 
              
Consumer Staples — (8.6%)
                
Chaoda Modern Agriculture (Holdings), Ltd.
     21,459,357       13,725,842  
China Huiyuan Juice Group, Ltd.
     14,059,500       18,420,617  
 
              
 
             32,146,459  
 
              
Energy — (1.6%)
                
China Rare Earth Holdings, Ltd.
     9,144,000       837,212  
Fushan International Energy Group, Ltd. *
     10,740,000       2,465,272  
Honghua Group, Ltd.
     21,902,000       2,626,681  
 
              
 
             5,929,165  
 
              
Financials — (0.3%)
                
SPG Land (Holdings), Ltd.
     11,037,000       1,266,723  
 
              
Health Care — (3.8%)
                
China Shineway Pharmaceutical Group, Ltd. #
     11,184,000       6,317,014  
Golden Meditech Co., Ltd. * #
     35,040,000       3,208,212  
Natural Beauty Bio-Technology, Ltd. #
     32,780,000       4,818,972  
 
              
 
             14,344,198  
 
              
Industrials — (0.8%)
                
TPV Technology, Ltd.
     12,728,000       2,888,773  
 
              
Information Technology — (1.2%)
                
Chinasoft International, Ltd. #
     19,230,000       1,140,717  
Sina Corp. *
     162,700       3,328,842  
 
              
 
             4,469,559  
 
              
Materials — (1.1%)
                
Sinofert Hong Kong Holdings, Ltd.
     7,216,000       4,150,228  
 
              
See Notes to Schedule of Investments

 

Table of Contents

THE CHINA FUND, INC.
SCHEDULE OF INVESTMENTS (continued)
January 31, 2009 (Unaudited)
                 
Name of Issuer and Title of Issue   Shares     Value (Note A)  
COMMON STOCK AND OTHER EQUITY INTERESTS (continued)
                
HONG KONG (continued)
                
Utilities — (1.4%)
                
Xinao Gas Holdings, Ltd. #
     5,680,000     $ 5,127,279  
 
              
TOTAL HONG KONG — (Cost $114,144,012)
     26.5 %     98,867,816  
 
            
 
                
HONG KONG — “H” SHARES
                
Consumer Staples — (2.9%)
                
Wumart Stores, Inc. #
     15,126,000       10,689,201  
 
              
Energy — (1.4%)
                
China Oilfield Services, Ltd.
     6,388,000       5,132,082  
 
              
Health Care — (4.1%)
                
Shandong Weigao Group Medical Polymer Co., Ltd. #
     9,004,000       15,442,860  
 
              
Industrials — (—%)
                
Sichuan Expressway Co., Ltd. *
     742,000       124,391  
 
              
Materials — (1.5%)
                
Zijin Mining Group Co., Ltd.
     10,408,000       5,596,853  
 
              
Telecommunications — (0.9%)
                
ZTE Corp.
     1,124,559       3,255,661  
 
              
TOTAL HONG KONG — “H” SHARES — (Cost $40,136,551)
     10.8 %     40,241,048  
 
            
TOTAL HONG KONG (INCLUDING “H” SHARES) — (Cost $154,280,563)
     37.3 %     139,108,864  
 
            
 
                
SINGAPORE
                
Consumer Staples — (3.3%)
                
China Fishery Group, Ltd. #
     12,050,000       4,506,537  
China Milk Products Group, Ltd. #
     11,607,000       2,919,517  
Hsu Fu Chi International, Ltd. #
     9,484,000       4,943,670  
 
              
 
             12,369,724  
 
              
Financials — (0.6%)
                
Financial One Corp. #
     12,030,000       2,229,621  
 
              
Information Technology — (0.4%)
                
CDW Holding, Ltd. # † (1)
     59,708,000       1,679,689  
 
              
Materials — (0.4%)
                
China Energy, Ltd. *
     12,199,000       1,332,341  
 
              
See Notes to Schedule of Investments

 

Table of Contents

THE CHINA FUND, INC.
SCHEDULE OF INVESTMENTS (continued)
January 31, 2009 (Unaudited)
                 
Name of Issuer and Title of Issue   Shares     Value (Note A)  
COMMON STOCK AND OTHER EQUITY INTERESTS (continued)
                
TOTAL SINGAPORE — (Cost $31,295,091)
     4.7 %     17,611,375  
 
            
 
                
TAIWAN
                
Consumer Discretionary — (6.1%)
                
FamilyMart Co., Ltd. #
     3,777,652     $ 5,477,385  
Far Eastern Department Stores, Ltd.
     18,511,584       8,322,290  
Merry Electronics Co., Ltd.
     3,584,340       2,486,494  
Synnex Technology International Corp.
     5,937,855       6,620,697  
 
              
 
             22,906,866  
 
              
Consumer Staples — (3.3%)
                
Lien Hwa Industrial Corp. #
     15,919,692       5,355,936  
Uni-President Enterprises Corp.
     8,728,581       6,769,767  
 
              
 
             12,125,703  
 
              
Financials — (5.8%)
                
Cathay Financial Holding Co., Ltd.
     5,993,788       5,737,262  
Ruentex Development Co., Ltd.
     12,694,000       6,311,568  
Yuanta Financial Holdings Co., Ltd.
     26,635,545       9,674,839  
 
              
 
             21,723,669  
 
              
Industrials — (0.7%)
                
Wah Lee Industrial Corp. #
     4,118,821       2,434,197  
 
              
Information Technology — (2.6%)
                
Cyberlink Corp. #
     1,183,000       3,909,579  
Taiwan Secom Co., Ltd. #
     4,738,000       5,945,864  
 
              
 
             9,855,443  
 
              
Materials — (1.1%)
                
China Metal Products Co., Ltd. #
     9,019,881       4,202,788  
 
              
TOTAL TAIWAN — (Cost $96,660,863)
     19.6 %     73,248,666  
 
            
UNITED KINGDOM
                
Health Care — (1.7%)
                
China Medical System Holdings, Ltd. # †
     3,623,188       6,398,624  
 
              
TOTAL UNITED KINGDOM — (Cost $9,940,990)
     1.7 %     6,398,624  
 
            
UNITED STATES
                
Consumer Discretionary — (1.5%)
                
The9, Ltd., ADR #
     356,200       5,385,744  
 
              
See Notes to Schedule of Investments

 

Table of Contents

THE CHINA FUND, INC.
SCHEDULE OF INVESTMENTS (continued)
January 31, 2009 (Unaudited)
                 
Name of Issuer and Title of Issue   Shares     Value (Note A)  
COMMON STOCK AND OTHER EQUITY INTERESTS (continued)
                
UNITED STATES (continued)
                
Energy — (0.5%)
                
Far East Energy Corp. * # †
     10,478,634     $ 2,011,898  
 
              
Health Care — (1.5%)
                
Mindray Medical International, Ltd., ADR
     191,700       3,960,522  
WuXi PharmaTech Cayman Inc., ADR *
     310,190       1,681,230  
 
              
 
             5,641,752  
 
              
TOTAL UNITED STATES — (Cost $28,523,814)
     3.5 %     13,039,394  
 
            
TOTAL COMMON STOCK AND OTHER EQUITY INTERESTS — (Cost $320,701,321)
     66.8 %     249,406,923  
 
            
EQUITY LINKED SECURITIES
                
Consumer Staples — (4.5%)
                
Dalian Zhangzidao Fishery Group Co., Ltd. Access Product (expiration 01/17/12) 144A * (1) (2)
     2,270,000       5,470,700  
Shenzhen Agricultural Products Co., Ltd. Access Product (expiration 01/17/12) * (1) (2)
     4,000,000       8,002,340  
Wuliangye Yibin Co., Ltd. Access Product (expiration 01/20/10) 144A * (1) (2)
     1,546,007       3,194,050  
 
              
 
             16,667,090  
 
              
 
                
Energy — (1.2%)
                
China Yangtze Power Co., Ltd. Access Product (expiration 10/26/10) 144A (1) (3)
     4,169,077       4,651,952  
 
              
Financials — (1.1%)
                
Zhejiang Guyuelongshan Access Product (expiration 10/07/13) (1) (3)
     3,582,000       4,237,843  
 
              
Industrials — (6.2%)
                
Daqin Railway Co., Ltd. Access Product (expiration 11/02/11) 144A (1) (3)
     8,307,000       10,289,598  
Shanghai International Airport Co., Ltd. Access Product (expiration 01/20/10) 144A * (1) (2)
     1,816,700       3,359,078  
Shanghai Zhenhua Port Machinery Co., Ltd. Access Product (expiration 10/26/10) 144A (1) (3)
     4,462,752       5,867,234  
See Notes to Schedule of Investments

 

Table of Contents

THE CHINA FUND, INC.
SCHEDULE OF INVESTMENTS (continued)
January 31, 2009 (Unaudited)
                 
Name of Issuer and Title of Issue   Shares     Value (Note A)  
EQUITY LINKED SECURITIES (continued)
                
INDUSTRIALS (continued)
                
Suning Appliance Co., Ltd. Access Product (expiration 01/20/10) 144A * (2)
     1,599,909     $ 3,676,591  
 
              
 
             23,192,501  
 
              
 
                
Materials — (1.4%)
                
Qinghai Salt Lake Potash Co., Ltd. Access Product (expiration 10/26/10) 144A (1) (3)
     887,909       5,113,463  
 
              
TOTAL EQUITY LINKED SECURITIES — (Cost $46,821,599)
     14.4 %     53,862,849  
 
            
 
                
DIRECT INVESTMENTS
                
 
                
Consumer Discretionary — (10.3%)
                
Queenbury Investments, Ltd., (Huiyan) (acquired 05/06/08) # † (1) (4)
     450       38,459,700  
Industrials — (4.5%)
                
Highlight Tech Corp., (acquired 09/11/07) # † (1) (4) (5)
     3,366,893       5,993,070  
Qingdao Bright Moon, (acquired 02/28/08) # † (1) (4) (5)
     31,827,172       7,001,978  
Wuxi PAIHO, (acquired 09/17/07) # (1) (4) (5)
     11,734,701       3,679,990  
 
              
 
             16,675,038  
 
              
Information Technology — (2.7%)
                
China Silicon Corp. Common Stock (acquired 09/23/08) # † (1) (4)
     238,232       566,992  
China Silicon Corp. Warrants (expiration 11/30/10) * # † (1) (4)
     685,450       —  
 
              
China Silicon Corp., Series A Preferred (acquired 11/30/07) # † (1) (4)
     27,418       6,525,484  
HAND Enterprise Solutions, Ltd., (acquired 05/02/07) # † (1) (4)
     500,000       3,050,000  
teco Optronics Corp., (acquired 04/26/04) # † (1) (4)
     1,861,710       —  
 
              
 
             10,142,476  
 
              
TOTAL DIRECT INVESTMENTS — (Cost $66,253,893)
     17.5 %     65,277,214  
 
            
 
TOTAL INVESTMENTS — (Cost $433,776,813)**
     98.7 %     368,546,986  
 
            
OTHER ASSETS AND LIABILITIES
     1.3 %     4,920,442  
 
            
 
                
NET ASSETS
     100.0 %   $ 373,467,428  
Notes to Schedule of Investments
(A) Portfolio securities listed on recognized United States or foreign securities exchanges are valued at the last quoted sales price in the principal market where they are traded. Listed securities with no such sales price and unlisted securities are valued at the mean between the current bid and asked prices, if any, of two brokers. Short-term investments having maturities of sixty days or less are valued at amortized cost (original purchase cost as adjusted for amortization of premium or accretion of discount) which when combined with accrued interest approximates market value. Open-end investment companies are valued at net asset value per share. Securities for which market quotations are readily available are valued at current market value. Securities for which market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Board of Directors considering relevant factors, data and information including, if relevant, the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded. Direct Investments not traded on an exchange are valued at fair value as determined by the Board of Directors based on financial and other information supplied by the Direct Investment Manager regarding each Direct Investment.
The Fund’s investments in China companies involve certain risks not typically associated with investments in securities of U.S. companies or the U.S. Government, including risks relating to (1) social, economic and political uncertainty; (2) price volatility, lesser liquidity and smaller market capitalization of securities markets in which securities of China companies trade; (3) currency exchange fluctuations, currency blockage and higher rates of inflation; (4) controls on foreign investment and limitations on repatriation of invested capital and on the Fund’s ability to exchange local currencies for U.S. dollars; (5) governmental involvement in and control over the economy; (6) risk of nationalization or expropriation of assets; (7) the nature of the smaller, less seasoned and newly organized China companies, particularly in China; and (8) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation.
 
*   Denotes non-income producing security.
 
#   Illiquid security.
 
†   Affiliated issuer. (See Note B)
 
(1)   Security valued at fair value using methods determined in good faith by or at the direction of the Board of Directors.
 

 

Table of Contents

THE CHINA FUND, INC.
SCHEDULE OF INVESTMENTS (continued)
January 31, 2009 (Unaudited)
 
(2)   Equity linked securities issued by Citigroup Global Markets Holdings.
 
(3)   Equity linked securities issued by Credit Lyonnais
 
(4)   Direct investments are generally restricted as to resale and do not have a readily available resale market. On the date of acquisition of each direct investment, there were no market quotations on similar securities, and such investments were therefore valued in good faith by the Board of Directors at fair market value.
 
(5)   The Fund holds a put option which allow the Fund to sell the investment for a value at least equal to the purchase price under certain circumstances.
 
144A   Securities restricted for resale to Qualified Institutional Buyers.
 
ADR   American Depositary Receipt.
 
**   At January 31, 2009, the cost of investment securities for tax purposes was $433,776,813. Net unrealized depreciation of investment securities for tax purposes was $65,229,827, consisting of unrealized gains of $46,731,064 on securities that had risen in value since their purchase and $111,960,891 in unrealized losses on securities that had fallen in value since their purchase.
Forward Foreign Currency Contracts:
As of January 31, 2009, The China Fund had the following open forward foreign currency contracts:
                                         
    Settlement                           Appreciation/
Currency   Date   Local Amount   Base Amount   Market Value   Depreciation
CNY (Sell)
     11/30/2009       122,079,803     $ 17,540,202     $ 17,366,354     $ (173,848 )
CNY (Buy)
     11/30/2009       9,756,820     $ 1,374,200     $ 1,387,948     $ (13,748 )
CNY (Buy)
     11/30/2009       112,322,983     $ 16,007,950     $ 15,978,406     $ 29,544  
TWD (Sell)
     11/30/2009       572,709,241     $ 18,055,146     $ 17,084,601     $ (970,545 )
TWD (Buy)
     11/30/2009       44,895,114     $ 1,374,200     $ 1,339,275     $ 34,925  
TWD (Buy)
     11/30/2009       527,814,127     $ 16,007,950     $ 15,745,326     $ 262,624  
CNY - Chinese Yen
                                        
TWD - Taiwan Dollar
                                        
Fair Value Measurement
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective November 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
•   Level 1 — quoted prices in active markets for identical investments
 
•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
•   Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The valuation techniques used by the Fund to measure fair value during the three months ended January 31, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs. The Fund utilized the following fair value techniques: a multi-dimensional relational pricing model, option adjusted spread pricing and estimations of the price that would have prevailed in a liquid market for an international equity given information available at the time of evaluation.
The following is a summary of the inputs used as of January 31, 2009 in valuing the Fund’s investments carried at value:
                 
    Investments in   Other Financial
Valuation Inputs   Securities   Instruments*
Level 1 — Quoted Prices
   $   251,403,825     $   (831,048)  
Level 2 — Other Significant Observable Inputs
     47,213,995       —  
Level 3 — Significant Unobservable Inputs
     69,929,166       —  
Total
   $   368,546,986     $   (831,048)  
 
*   Other financial instruments include futures, forwards and swap contracts.
 

 

Table of Contents

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the fund during the period ending January 31, 2009:
                                                         
            Market                                
            Value     Purchases                          
            Beginning     at Cost /     Amortization     Realized     Unrealized     Market Value  
            Balance     Sales     Disc /     Gain /     Gain /     Ending Balance  
Fund   10/31/2008     (Proceeds)     (Prem)     (Loss)     (Loss)     1/31/2009  
 
   Investments                                                
The China Fund, Inc.
   in Securities   $ 69,190,949     $ (25,987 )   $ —     $ (31,412 )   $ 795,616     $ 69,929,166  
 
                                            
In addition, in March 2008, FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund’s financial statement disclosures.
Direct investments: The Fund may invest up to 25% of the net proceeds from its offering of its outstanding common stock in direct investments. Direct investments are generally restricted and do not have a readily available resale market. The value of these securities at January 31, 2009 was $65,277,214 or 17.5% of the Fund’s net asset value. The table below details the acquisition date, cost, and value of the Fund’s direct investments as determined by the Board of Director’s of the Fund. The Fund does not have the right to demand that such securities be registered.
                         
    Acquisition              
Security   Date     Cost     Market  
China Silicon Corp., Series A Preferred*
     11/30/2007     $ 6,552,874     $ 6,525,484  
China Silicon Corp. Common Stock
     9/23/2008       566,992       566,992  
Highlight Tech. Corp.
     9/11/2007       6,025,894       5,993,070  
Queenbury Investments, Ltd., (Huiyan)
     5/6/2008       38,515,190       38,459,700  
Qingdao Bright Moon
     2/28/2008       7,116,942       7,001,978  
HAND Enterprise Solutions, Ltd.
     5/2/2007       3,164,274       3,050,000  
teco Optronics Corp.
     4/26/2004       567,320       —  
Wuxi PAIHO
    9/17/2007       3,744,407       3,679,990  
 
                    
 
           $ 66,253,893     $ 65,277,214  
 
                    
 
*   The purchase of China Silicon Corp., Series A Preferred resulted in the Fund receiving 682,450 shares of China Silicon Corp. common stock warrants. Each warrant entitles the Fund to purchase twenty five shares of common stock at an exercise price of USD$2.98 per share, subject to adjustment.

 

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NOTE B — INVESTMENTS IN NON-CONTROLLED AFFILIATES*:
                                         
    Balance of                          
    Shares     Gross     Gross     Balance of        
    Held     Purchases     Sales     Shares Held     Value  
    October 31,     and     and     January 31,     January 31,  
Name of Issuer   2008     Additions     Reductions     2009     2009  
CDW Holdings, Ltd.
     60,000,000       —       292,000       59,708,000     $ 1,679,689  
China Medical System Holdings, Ltd.
     3,623,188       —       —       3,623,188     $ 6,398,624  
China Silicon Corp. Common Stock
     183,396       54,836       —       238,232     $ 566,992  
China Silicon Corp. Series A Preferred
     27,418       —       —       27,418     $ 6,525,484  
China Silicon Corp. Warrants
     685,450       —       —       685,450     $ —  
Far East Energy Corp.
     10,478,634       —       —       10,478,634     $ 2,011,898  
HAND Enterprise Solutions, Ltd.
     500,000       —       —       500,000     $ 3,050,000  
Highlight Tech Corp.
     3,366,893       —       —       3,366,893     $ 5,993,070  
Qingdao Bright Moon
     31,827,172       —       —       31,827,172     $ 7,001,978  
Queenbury Investments, Ltd. (Huiyan)
     450       —       —       450     $ 38,459,700  
teco Optronics Corp.
     1,861,710       —       —       1,861,710     $ —  
Wuxi PAIHO
     11,734,701       —       —       11,734,701     $ 3,679,990  
 
*   Affiliated issuers, as defined in the Investment Act of 1940, as amended, include issuers in which the Fund held 5% or more of the outstanding voting securities.

 

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Item 2. Controls and Procedures.
(a)   The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-Q that includes the disclosure required by this paragraph based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
(b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
The certification required by Rule 30a-2 of the 1940 Act is attached as an exhibit to this filing.

 

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE CHINA FUND, INC.
     
By:
   /s/ Gary L. French 
 
  Gary L. French
 
  President and Chief Executive Officer
Date: March 27, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
     
By:
   /s/ Gary L. French 
 
  Gary L. French
 
  President and Chief Executive Officer
Date: March 27, 2009
     
By:
   /s/ Laura F. Healy 
 
  Laura F. Healy
 
  Treasurer
Date: March 27, 2009