THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS

January 31, 2021 (unaudited)

Name of Issuer and Title of Issue	Shares				Value (Note A)
COMMON STOCK
CHINA — “A” SHARES
Banks — 5.1%
China Merchants Bank Co., Ltd. — A		2,275,547			$	18,009,185
Beverages — 2.2%
Kweichow Moutai Co., Ltd. — A		11,778				3,855,136
Wuliangye Yibin Co., Ltd. — A		84,596				3,806,867
						7,662,003
Chemicals — 4.0%
Shandong Sinocera Functional Material Co., Ltd. — A		720,100				5,349,904
Sinoma Science & Technology Co., Ltd. — A		863,486				3,380,426
Wanhua Chemical Group Co., Ltd. — A		308,043				5,325,801
						14,056,131
Construction Materials — 0.9%
Anhui Conch Cement Co., Ltd. — A		405,069				3,159,405
Electrical Equipment — 1.0%
Sunwoda Electronic Co., Ltd. — A		867,100				3,638,063
Electronic Equipment, Instruments & Components — 2.8%
Luxshare Precision Industry Co., Ltd. — A		195,639				1,603,417
Wingtech Technology Co., Ltd. — A		280,800				4,565,823
Wuxi Lead Intelligent Equipment Co., Ltd. — A		277,500				3,848,019
						10,017,259
Health Care Providers & Services — 1.1%
Dian Diagnostics Group Co., Ltd. — A		600,300				3,886,675
Household Durables — 2.4%
Midea Group Co., Ltd. — A		578,029				8,612,769
Insurance — 1.6%
Ping An Insurance Group Company of China Ltd. — A		478,528				5,852,822
Life Sciences Tools & Services — 2.8%
Hangzhou Tigermed Consulting Co., Ltd. — A		130,700				3,385,047
Pharmaron Beijing Co., Ltd. — A		294,565				6,532,903
						9,917,950
Machinery — 3.7%
Estun Automation Co., Ltd. — A*		1,237,200				6,498,275
Weichai Power Co., Ltd. — A		2,008,356				6,583,117
						13,081,392
Semiconductors & Semiconductor Equipment — 3.6%
LONGi Green Energy Technology Co., Ltd. — A		322,500				5,374,755
NAURA Technology Group Co., Ltd. — A		125,002				3,859,282
Shenzhen SC New Energy Technology Corp. — A		170,100				3,522,372
						12,756,409
Software — 1.2%
Thunder Software Technology Co., Ltd. — A		191,362				4,369,134
TOTAL CHINA — “A” SHARES — (Cost $76,943,028)			32.4	%		115,019,197

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2021 (unaudited)

Name of Issuer and Title of Issue	Shares		Value (Note A)
COMMON STOCK (continued)
HONG KONG
Biotechnology — 1.0%
Innovent Biologics, Inc. 144A*		310,500	$	3,540,029
Building Products — 1.6%
Xinyi Glass Holdings, Ltd.		2,386,000		5,779,481
Capital Markets — 1.6%
Hong Kong Exchanges & Clearing, Ltd.		89,700		5,738,183
Diversified Consumer Services — 1.6%
New Oriental Education & Technology Group, Inc. ADR*		33,500		5,611,250
Entertainment — 3.5%
Bilibili, Inc. ADR(1)*		110,459		12,580,176
Gas Utilities — 1.0%
ENN Energy Holdings, Ltd.		228,500		3,540,110
Health Care Equipment & Supplies — 0.1%
China Isotope & Radiation Corp.		177,400		513,784
Insurance — 2.5%
AIA Group, Ltd.		730,200		8,814,364
Interactive Media & Services — 11.7%
Kuaishou Technology Co., Ltd. 144A*		24,500		363,396
Tencent Holdings, Ltd.		469,800		41,366,178
				41,729,574
Internet & Direct Marketing Retail — 19.2%
Alibaba Group Holding, Ltd.*		1,008,208		31,976,096
JD.com, Inc. ADR*		136,150		12,075,144
JD.com, Inc.*		279,250		12,371,683
Meituan Dianping*		255,900		11,706,541
				68,129,464
IT Services — 1.1%
Kingsoft Cloud Holdings, Ltd. ADR(1)*		77,400		3,890,898
Life Sciences Tools & Services — 1.3%
Wuxi Biologics Cayman, Inc. 144A*		324,500		4,568,752
Metals & Mining — 0.4%
MMG, Ltd.*		3,940,000		1,519,857
Real Estate Management & Development — 2.7%
CIFI Holdings Group Co., Ltd.		5,958,000		4,891,150
Times China Holdings, Ltd.		3,543,000		4,521,475
				9,412,625
Software — 3.6%
Kingdee International Software Group Co., Ltd.*		548,000		2,206,408
Kingsoft Corp., Ltd.		673,000		5,186,558
Weimob, Inc. 144A*		1,907,000		5,489,911
				12,882,877

See notes to schedule of investments.

THE CHINA FUND, INC.

SCHEDULE OF INVESTMENTS (continued)

January 31, 2021 (unaudited)

Name of Issuer and Title of Issue	Shares				Value (Note A)
COMMON STOCK (continued)
HONG KONG (continued)
Specialty Retail — 2.7%
China Yongda Automobiles Services Holdings, Ltd.		3,405,000			$	4,769,695
Zhongsheng Group Holdings, Ltd.		797,500				4,684,029
						9,453,724
TOTAL HONG KONG — (Cost $102,762,214)			55.6	%		197,705,148
HONG KONG — “H” SHARES
Banks — 2.4%
China Construction Bank Corp.		11,152,000				8,423,724
Capital Markets — 7.5%
China International Capital Corp., Ltd. 144A*		3,795,200				9,942,047
China Merchants Securities Co., Ltd. 144A		4,450,000				6,873,962
CITIC Securities Co., Ltd.		4,446,500				9,750,925
						26,566,934
TOTAL HONG KONG — “H” SHARES — (Cost $31,779,122)			9.9	%		34,990,658
TOTAL HONG KONG (INCLUDING “H” SHARES) — (Cost $134,541,336)			65.5	%		232,695,806
TOTAL COMMON STOCK — (Cost $211,484,364)			97.9	%		347,715,003
COLLATERAL FOR SECURITIES ON LOAN
Money Market Funds — 4.9%
Fidelity Investments Money Market Government Portfolio, 0.01%¥ — (Cost $17,535,933)		17,535,933				17,535,933
TOTAL COLLATERAL FOR SECURITIES ON LOAN — (Cost $17,535,933)			4.9	%		17,535,933
	Principal Amount
SHORT TERM INVESTMENTS
Time Deposits — 2.5%
Barclays — London, 0.01%, 2/1/2021		USD 2,000,000				2,000,000
BNP Paribas — Paris, 0.01%, 2/1/2021		USD 714,983				714,983
Citibank N.A. — New York, 0.01%, 2/1/2021		USD 4,000,000				4,000,000
Royal Bank of Canada Toronto, 0.01%, 2/1/2021		USD 2,000,000				2,000,000
TOTAL SHORT TERM INVESTMENTS — (Cost $8,714,983)			2.5	%		8,714,983
TOTAL INVESTMENTS — (Cost $237,735,280)			105.3	%		373,965,919
OTHER ASSETS AND LIABILITIES			(5.3	)%		(18,934,738	)
NET ASSETS			100.0	%	$	355,031,181

Footnotes to Schedule of Investments

^*  Denotes non-income producing security.

^¥  Rate shown is the 7-day yield as of January 31, 2021.

⁽¹⁾  A security (or a portion of the security) is on loan. As of January 31, 2021, the market value of securities loaned was $15,586,701. The loaned securities were secured with cash collateral of $17,535,933. Collateral is calculated based on prior day’s prices.

144A Securities exempt from registration under Rule 144a of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2021, these restricted securities amounted to $30,778,097, which represented 8.7% of total net assets.

ADR American Depositary Receipt

HKD — Hong Kong dollar

USD — United States dollar

See notes to schedule of investments.

THE CHINA FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS

January 31, 2021 (unaudited)

NOTE A – Security valuation:

Portfolio securities listed on recognized U.S. or foreign security 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, from brokers. Short-term investments having maturities of sixty days or less are generally 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. Securities for which market quotations are not readily available or are deemed unreliable are valued at fair value 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. For securities listed on non-North American exchanges, the Fund fair values those securities daily using fair value factors provided by a third party pricing service if certain thresholds determined by the Board are met. Direct Investments, if any, are valued at fair value as determined by or at the direction of the Board based on financial and other information supplied by the Direct Investment Manager regarding each Direct Investment. Forward currency contracts are valued at the current cost of offsetting the contract. Equity linked securities, if any, are valued at fair value primarily based on the value(s) of the underlying security (or securities), which normally follows the same methodology as the valuation of securities listed on recognized exchanges.

Factors used in determining fair value may include, but are not limited to, the type of security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, the availability of quotations from broker-dealers, the availability of values of third parties other than the Investment Manager, information obtained from the issuer, analysts, and/or the appropriate stock exchange (if available), an analysis of the company’s financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which they trade.

Fair Value Measurement

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

THE CHINA FUND, INC.

NOTES TO SCHEDULE OF INVESTMENTS (continued)

January 31, 2021 (unaudited)

• Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

• Level 2 — Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

• Level 3 — Inputs that are unobservable.

The following is a summary of the inputs used as of January 31, 2021 in valuing the Fund’s investments carried at value:

ASSETS VALUATION INPUT

Description*	Level 1		Level 2		Level 3		Total
Common Stock	$	34,157,467	$	313,557,536	$	—	$	347,715,003
Collateral on Securities on Loan		17,535,933		—		—		17,535,933
Short Term Investments		—		8,714,983				8,714,983
TOTAL INVESTMENTS	$	51,693,400	$	322,272,519	$	—	$	373,965,919

* Please refer to the Schedule of Investments for additional security details.