The China Fund, Inc. Announces Selection of New Investment Manager

NEW YORK, March 31, 2017

The proposed Investment Management Agreements between the Fund and Open Door for listed and direct investments are subject to approval by the Fund's stockholders at a Special Meeting of Stockholders expected to be held in June. The fees under the proposed agreements will be the same as under the Fund's existing investment management agreements.  The Fund has no current intention to make direct investments.

Open Door, with offices in Shanghai and San Francisco, will provide the Fund with a Greater China investment strategy that focuses more on smaller capitalization and entrepreneurial companies, listed primarily in Shanghai, Shenzhen, Hong Kong and Taipei, than do most other investment funds investing in the Greater China markets.  Open Door believes that this strategy will differentiate the Fund from other closed-end funds and ETFs, with index-anchored, large-capitalization approaches to investing in Greater China.

Open Door feels that its investment strategy is well-fitted to the chief advantage of a closed-end structure – the ability to make long-term investments in less liquid securities, which constitute a significant portion of Open Door's Greater China strategy.  Since most companies in the smaller capitalization universe in Greater China receive little if any research coverage, Open Door believes that its investment approach, which includes intensive on-the-ground research by its investment team of each company in the portfolio, should provide the opportunity to achieve significant long-term out performance compared to the large capitalization focused leading Greater China indexes. 

Open Door is a U.S. registered investment adviser.  Upon Open Door's engagement by the Fund, Ke Shifeng, one of the principals of Open Door, will become the Fund's Portfolio Manager.  He has close to 20 years of experience investing in the Greater China markets.

The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in China companies.  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. Further information about Open Door can be found at www.odfund.com.