Law Office

                      STRADLEY, RONON, STEVENS & YOUNG, LLP

                            2600 One Commerce Square
                      Philadelphia, Pennsylvania 19103-7098
                                 (215) 564-8000

Direct Dial: (215) 564-8115

                                                             July 22, 2003

Board of Trustees
Templeton China World Fund
500 East Broward Boulevard
Ft. Lauderdale, Florida 33394-3091

         Re:  LEGAL OPINION-SECURITIES ACT OF 1933

Ladies and Gentlemen:

     We have examined the Agreement and  Declaration of Trust (the  "Agreement")
of Templeton  China World Fund (the "Trust"),  a statutory trust organized under
the Delaware  Statutory Trust Act, and the By-Laws of the Trust,  all as amended
to date, and the various pertinent  corporate  proceedings we deem material.  We
have  also  examined  the  Notification  of  Registration  and the  Registration
Statement on Form N-1A filed on behalf of the Trust under the Investment Company
Act of 1940, as amended (the "Investment Company Act") and the Securities Act of
1933,  as amended (the  "Securities  Act"),  all as amended to date,  as well as
other items we deem  material to this  opinion.  The Trust is  authorized by the
Agreement to issue an unlimited number of shares of beneficial  interest with no
par value.

     The Trust has filed with the U.S.  Securities  and Exchange  Commission,  a
registration statement under the Securities Act, which registration statement is
deemed to register an indefinite  number of shares of the Trust  pursuant to the
provisions of Section  24(f) of the  Investment  Company Act (the  "Registration
Statement").  You have further advised us that the Trust will be governed  by
Section 24(f) of the  Investment  Company Act, and each year will timely file a
Notice pursuant to Rule 24f-2 under the Investment Company Act perfecting the
registration of the shares sold by the Funds during each fiscal year during
which such registration of an indefinite number of shares remains in effect.

     You have also informed us that the shares of the Trust  will be sold in
accordance  with the Trust's method of  distributing  its registered shares as
described  in the  Registration  Statement, under which prospectuses are made
available  for delivery to offerees and  purchasers of such shares in accordance
with Section 5(b) of the Securities Act.

     Based upon the foregoing information and examination,  so long as the Trust
remains a validly  existing  entity in good standing under the laws of its state
of organization,  and the registration of an indefinite  number of shares of the
Trust remains effective,  the authorized shares of the Trust when issued for the
consideration  set by the Board of Trustees pursuant to the Agreement and/or the
Registration  Statement,  and subject to  compliance  with Rule  24f-2,  will be
legally issued, fully paid, and non-assessable  shares[, and the holders of such
shares will have all the rights provided for with respect to such holding by the
Agreement and the laws of the State of Delaware].

     We  hereby  consent  to the  use  of  this  opinion  as an  exhibit  to the
Registration  Statement,   along  with  any  amendments  thereto,  covering  the
registration  of the  shares  of the  Trust  under  the  Securities  Act and the
applications, registration statements or notice filings, and amendments thereto,
filed in  accordance  with the  securities  laws of the several  states in which
shares of the Trust are  offered,  and we further  consent to  reference  in the
registration statement of the Trust to the fact that this opinion concerning the
legality of the issue has been rendered by us.

                                         Very truly yours,

                                         STRADLEY, RONON, STEVENS & YOUNG, LLP

                                         BY: /s/BRUCE G. LETO
                                            ----------------------------------
                                            Bruce G. Leto, a Partner