POWER OF ATTORNEY

     The  undersigned,  being a duly appointed  Trustee of TEMPLETON CHINA WORLD
FUND (the  "Registrant")  and the  Registrant  hereby appoint Murray L. Simpson,
Barbara J. Green, David P. Goss, Steven Gray, Robert C. Rosselot, Bruce G. Leto,
Lisa A. Duda, Larry P. Stadulis, and Kristin H. Ives (with full power to each of
them to act  alone)  his  attorney-in-fact  and  agent,  in all  capacities,  to
execute, file or withdraw the Registrant's  registration  statement on Form N-1A
under the Investment Company Act of 1940, as amended,  and the Securities Act of
1933, as amended, (the "1933 Act"), and/or Registrant's  registration statements
on Form  N-14  under  the  1933  Act,  or any  amendments  to such  registration
statements  covering  the sale of shares by the  Registrant  under  prospectuses
becoming  effective  after this date,  including  any  amendment  or  amendments
increasing or  decreasing  the amount of securities  for which  registration  is
being sought,  with all exhibits and any and all documents  required to be filed
with  respect  thereto  with any  regulatory  authority,  and/or  any  documents
relating  to either  of such  registration  statements  referred  to above.  The
undersigned  grants to each of said  attorneys,  full  authority to do every act
necessary to be done in order to  effectuate  the same as fully,  to all intents
and purposes as he could do if personally  present,  thereby  ratifying all that
said attorneys-in-fact and agents, may lawfully do or cause to be done by virtue
hereof.

     The  undersigned  Trustee hereby  executes this Power of Attorney as of the
14th day of May 2003.



                                        /s/FRANK A. OLSON
                                       -----------------------------
                                       Frank A. Olson, Trustee