Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of State Street Bank & Trust Company are
responsible for complying with the requirements of subsections (b) and
(c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies", of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining an effective internal
control structure over compliance with Rule 17f-2 requirements. We have
performed an evaluation of The China Fund, Inc.'s compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of April 30,
1998.
Based on this evaluation, we assert that The China Fund, Inc. was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-
2 of the Investment Company Act of 1940 as of April 30, 1998, with
respect to securities reflected in the investment accounts of The China
Fund, Inc.
State Street Bank & Trust Company
By:
James Ross
________________________
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of State Street Bank & Trust Company are
responsible for complying with the requirements of subsections (b) and
(c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies", of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining an effective internal
control structure over compliance with Rule 17f-2 requirements. We have
performed an evaluation of The China Fund, Inc.'s compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of July 31,
1998.
Based on this evaluation, we assert that The China Fund, Inc. was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-
2 of the Investment Company Act of 1940 as of July 31, 1998, with
respect to securities reflected in the investment accounts of The China
Fund, Inc.
State Street Bank & Trust Company
By:
James Ross
________________________
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of State Street Bank & Trust Company are
responsible for complying with the requirements of subsections (b) and
(c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies", of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining an effective internal
control structure over compliance with Rule 17f-2 requirements. We have
performed an evaluation of The China Fund, Inc.'s compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of October 31,
1998.
Based on this evaluation, we assert that The China Fund, Inc. was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-
2 of the Investment Company Act of 1940 as of October 31, 1998, with
respect to securities reflected in the investment accounts of The China
Fund, Inc.
State Street Bank & Trust Company
By:
James Ross
________________________
Independent Auditors' Report
To the Board of Director of
The China Fund, Inc.
And
Securities and Exchange Commission:
We have examined management's assertion about The China Fund Inc.'s (the
"Company's") compliance with the requirements of subsection (b) and (c)
of Rule 17f-2
under the Investment Company Act of 1940 as of April 30, 1998 included
in the accompanying Management Statement regarding Compliance with
Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about
the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's
compliance with those requirements and performing such other procedures
as we considered necessary in the circumstances. Included among our
procedures were the following tests performed as of April 30, 1998 and
the period from October 31, 1997 (the date of our last examination)
through April 30, 1998, with respect to securities transactions, without
prior notice to management (itemize all that apply):
Reviewed State Street Bank and Trust Company's reconciliation of fund
accounting to custody asset holdings to determine the physical
location of assets.
Count and inspection of all securities located in the vault of
Hongkong and Shanghai Banking Corporation Limited in Shanghai and
Shenzhen;
Agreement of security purchases and (insert number) security sales
or maturities since our last report from the books and records of the
Company to broker confirmations.
We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that The China Fund, Inc. was in
compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of April 30, 1998 and for the period
from October 31, 1997 through April 30, 1998 is fairly stated in all
material respects.
This report is intended solely for the information and use of management
of The China Fund, Inc. and the Securities and Exchange Commission and
should not be used for any other purpose.
Boston, Massachusetts
July 24, 1998
Independent Auditors' Report
To the Board of Director of
The China Fund, Inc.
And
Securities and Exchange Commission:
We have examined management's assertion about The China Fund Inc.'s (the
"Company's") compliance with the requirements of subsection (b) and (c)
of Rule 17f-2
under the Investment Company Act of 1940 as of July 31, 1998 included in
the accompanying Management Statement regarding Compliance with Certain
Provisions of the Investment Company Act of 1940. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about
the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's
compliance with those requirements and performing such other procedures
as we considered necessary in the circumstances. Included among our
procedures were the following tests performed as of July 31, 1998 and
the period from April 30, 1998 (the date of our last examination)
through July 31, 1998, with respect to securities transactions, without
prior notice to management (itemize all that apply):
Reviewed State Street Bank and Trust Company's reconciliation of fund
accounting to custody asset holdings to determine the physical
location of assets.
Count and inspection of all securities located in the vault of
Hongkong and Shanghai Banking Corporation Limited in Shanghai and
Shenzhen;
Agreement of security purchases and (insert number) security sales
or maturities since our last report from the books and records of the
Company to broker confirmations.
We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that The China Fund, Inc. was in
compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of July 31, 1998 and for the period
from April 30, 1998 through July 31, 1998 is fairly stated in all
material respects.
This report is intended solely for the information and use of management
of The China Fund, Inc. and the Securities and Exchange Commission and
should not be used for any other purpose.
Boston, Massachusetts
October 15, 1998
Independent Auditors' Report
To the Board of Director of
The China Fund, Inc.
And
Securities and Exchange Commission:
We have examined management's assertion about The China Fund Inc.'s (the
"Company's") compliance with the requirements of subsection (b) and (c)
of Rule 17f-2
under the Investment Company Act of 1940 as of October 31, 1998 included
in the accompanying Management Statement regarding Compliance with
Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about
the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's
compliance with those requirements and performing such other procedures
as we considered necessary in the circumstances. Included among our
procedures were the following tests performed as of October 31, 1998 and
the period from July 31, 1998 (the date of our last examination) through
October 31, 1998, with respect to securities transactions, without prior
notice to management (itemize all that apply):
Reviewed State Street Bank and Trust Company's reconciliation of fund
accounting to custody asset holdings to determine the physical
location of assets.
Count and inspection of all securities located in the vault of
Hongkong and Shanghai Banking Corporation Limited in Shanghai and
Shenzhen;
Agreement of security purchases and (insert number) security sales
or maturities since our last report from the books and records of the
Company to broker confirmations.
We believe that our examination provides a reasonable basis for our
opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that The China Fund, Inc. was in
compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of October 31, 1998 and for the period
from July 31, 1998 through October 31, 1998 is fairly stated in all
material respects.
This report is intended solely for the information and use of management
of The China Fund, Inc. and the Securities and Exchange Commission and
should not be used for any other purpose.
Boston, Massachusetts
December 9, 1998
