<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0000887546
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 GREATER CHINA FUND
001 B000000 811-6674
001 C000000 2127132928
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NY
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BARING INTERNATIONAL INVESTMENT (FAR EAST)
008 B000001 A
008 C000001 801-000000
008 D010001 HONG KONG
008 D050001 HONG KONG
010 A000001 MITCHELL HUTCHINS ASSET MANAGEMENT
010 B000001 801-13219
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10019
011 A000001 PAINEWEBBER INC.
011 B000001 8-16267
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10019
011 A000002 DILLON, READ, & CO. INC.
011 B000002 8-00000000
011 C010002 NEW YORK
011 C020002 NY
<PAGE> PAGE 2
011 C030002 10022
011 A000003 NOMURA SECURITIES INTERNATIONAL, INC.
011 B000003 8-15255
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10048
012 A000001 PNC BANK, NATIONAL ASSOCIATION
012 B000001 85-11196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
014 A000001 BARING SECURITIES INC.
014 B000001 8-000000
014 A000002 DELETE
014 A000003 PAINEWEBBER INCORPORATED
014 B000003 8-16267
014 A000004 PAINEWEBBER INTERNATIONAL (U.K.) LTD.
014 B000004 8-000000
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 CREDIT LYONNAIS
020 C000001 83
020 A000002 SOCGEN CROSBYN
020 C000002 28
020 A000003 MORGAN STANLEY
020 C000003 27
020 A000004 INDOSUEZ W I CARR SECURITIES
020 C000004 26
020 A000005 WARBURG DILLON READ
020 C000005 25
020 A000006 ASIA EQUITY
020 C000006 19
020 A000007 H.G. ASIA
020 C000007 18
020 A000008 KLEINWORT BENSON
020 C000008 17
020 A000009 JARDINE FLEMING
020 C000009 16
020 A000010 MERILL LYNCH
020 C000010 15
<PAGE> PAGE 3
021 000000 329
022 A000001 BROWN BROTHERS HARRIMAN & CO.
022 C000001 53099
022 D000001 98898
022 A000002 BANK OF NEW YORK
022 C000002 600
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 53699
023 D000000 98898
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
<PAGE> PAGE 4
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.250
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
<PAGE> PAGE 5
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
<PAGE> PAGE 6
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
<PAGE> PAGE 7
070 M020000 Y
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 48901
071 B000000 72675
071 C000000 118882
071 D000000 41
072 A000000 12
072 B000000 802
072 C000000 2273
072 D000000 0
072 E000000 0
072 F000000 1517
072 G000000 258
072 H000000 0
072 I000000 7
072 J000000 283
072 K000000 13
072 L000000 95
072 M000000 382
072 N000000 26
072 O000000 371
072 P000000 0
072 Q000000 0
072 R000000 55
072 S000000 80
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 60
072 X000000 3147
072 Y000000 0
072 Z000000 -72
072AA000000 0
072BB000000 21723
072CC010000 0
072CC020000 29954
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.9200
<PAGE> PAGE 8
073 C000000 0.0000
074 A000000 21
074 B000000 0
074 C000000 5467
074 D000000 607
074 E000000 0
074 F000000 102562
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 181
074 M000000 0
074 N000000 108838
074 O000000 0
074 P000000 134
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2521
074 S000000 0
074 T000000 106183
074 U010000 12593
074 U020000 0
074 V010000 8.43
074 V020000 0.00
074 W000000 0.0000
074 X000000 530
074 Y000000 0
075 A000000 0
075 B000000 121346
076 000000 6.13
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 SEABURY & SMITH
080 C000000 600
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 9
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 EQUITY SECURITIES
087 A020000 39167B102
087 A030000 GCH
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE C.WILLIAM MAHER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 147,074,297
<INVESTMENTS-AT-VALUE> 106,408,354
<RECEIVABLES> 0
<ASSETS-OTHER> 2,227,490
<OTHER-ITEMS-ASSETS> 202,688
<TOTAL-ASSETS> 108,838,532
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,655,554
<TOTAL-LIABILITIES> 2,655,554
<SENIOR-EQUITY> 12,593
<PAID-IN-CAPITAL-COMMON> 168,504,749
<SHARES-COMMON-STOCK> 12,593,049
<SHARES-COMMON-PRIOR> 12,593,049
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,668,439)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (40,665,925)
<NET-ASSETS> 106,182,978
<DIVIDEND-INCOME> 2,273,195
<INTEREST-INCOME> 801,784
<OTHER-INCOME> 0
<EXPENSES-NET> 3,146,982
<NET-INVESTMENT-INCOME> (72,003)
<REALIZED-GAINS-CURRENT> (21,723,040)
<APPREC-INCREASE-CURRENT> (29,954,080)
<NET-CHANGE-FROM-OPS> (51,749,123)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (11,858,605)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (63,334,728)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,570,699
<OVERDISTRIB-NII-PRIOR> (1,772,768)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,516,818
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,146,982
<AVERAGE-NET-ASSETS> 121,345,507
<PER-SHARE-NAV-BEGIN> 13.46
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (4.10)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.92)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.43
<EXPENSE-RATIO> 2.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Directors of
The Greater China Fund, Inc.
In planning and performing our audit of the financial statements of The
Greater China Fund, Inc. (the "Fund") for the year ended December 31,
1998, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of December
31, 1998.
This report is intended solely for the information and use of management
and the Board of Directors of the Fund and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
New York, New York
February 10, 1999
