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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950135-98-000663.txt : 19980212
<SEC-HEADER>0000950135-98-000663.hdr.sgml : 19980212
ACCESSION NUMBER:		0000950135-98-000663
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980211
SROS:			NONE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA FUND INC
		CENTRAL INDEX KEY:			0000845379
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-52873
		FILM NUMBER:		98530492

	BUSINESS ADDRESS:	
		STREET 1:		STATE STREET BANK & TRUST
		STREET 2:		PO BOX 9110
		CITY:			NORTH QUINCY
		STATE:			MA
		ZIP:			02171
		BUSINESS PHONE:		2128080500

	MAIL ADDRESS:	
		STREET 1:		STATE STREET BANK & TRUST
		STREET 2:		P O BOX 9110
		CITY:			NORTH QUINCY
		STATE:			MA
		ZIP:			02171

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITY OF LONDON INVESTMENT MANAGEMENT CO LTD
		CENTRAL INDEX KEY:			0001034546
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		10 EAST CHEAP
		CITY:			LONDON
		STATE:			X0
		ZIP:			00000
		BUSINESS PHONE:		441717110771
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<DESCRIPTION>THE CHINA FUND, INC.
<TEXT>

<PAGE>   1



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G



                    UNDER THE SECURITIES EXCHANGE ACT OF 1934



                              The China Fund, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    169373107
- --------------------------------------------------------------------------------
                                 (CUSIP Number)



Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).






SEC 1745 (10-88)

                                                                  
<PAGE>   2


CUSIP NO. 169373107                    13G                                PAGE 2

<TABLE>
<S>     <C>
- --------------------------------------------------------------------------------
1.      NAME OF REPORTING PERSON
        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        CITY OF LONDON INVESTMENT MANAGEMENT COMPANY LIMITED, a company
        incorporated under the laws of England & Wales

- --------------------------------------------------------------------------------
2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  (a) [ ]
                                                           (b) [ ]

- --------------------------------------------------------------------------------
3.      SEC USE ONLY


- --------------------------------------------------------------------------------
4.      CITIZENSHIP OR PLACE OF ORGANIZATION

        GREAT BRITAIN

- --------------------------------------------------------------------------------
                   5.     SOLE VOTING POWER
                          759,700
             
    NUMBER OF      -------------------------------------------------------------
      SHARES       6.     SHARED VOTING POWER
   BENEFICIALLY           0
     OWNED BY             
       EACH        -------------------------------------------------------------
    REPORTING      7.     SOLE DISPOSITIVE POWER
      PERSON              759,700
       WITH               
                   -------------------------------------------------------------
                   8.     SHARED DISPOSITIVE POWER
                          0
                          
- --------------------------------------------------------------------------------
9.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
        759,700

- --------------------------------------------------------------------------------
10.     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
        SHARES*        [ ]

- --------------------------------------------------------------------------------
11.     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
        7.0%

- --------------------------------------------------------------------------------
12.     TYPE OF REPORTING PERSON*
        IA

================================================================================
</TABLE>
                      *SEE INSTRUCTION BEFORE FILLING OUT!



                                                                     

<PAGE>   3


                                      13G                                PAGE 3
<TABLE>
<S>        <C>    <C>
Item 1:    (a)    Name of Issuer:

                  The China Fund, Inc.

Item 1:    (b)    Address of Issuer's Principal Executive Offices:

                  250 Park Avenue
                  New York,
                  NY 10177

Item 2:    (a)    Names of Person Filing:

                  City of London Investment Management Company Limited

Item 2:    (b)    Address of Principal Business Office or, if none, Residence:

                  10 Eastcheap
                  London EC3M IAJ
                  England

Item 2:    (c)    Citizenship:

                  Great Britain

Item 2:    (d)    Title of Class of Securities:

                  Common Stock

Item 2:    (e)    CUSIP Number:

                  169373107

Item 3:           IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 
                  13d-2(b), CHECK WHETHER THE PERSON FILING IS A:

           (a)    [ ] Broker or Dealer registered under Section 15 of 
                      the Act 
           (b)    [ ] Bank as defined in section 3(a)(6) of the Act 
           (c)    [ ] Insurance Company as defined in section 3(a)(19) 
                      of the Act
           (d)    [ ] Investment Company registered under section 8 of 
                      the Investment Company Act 
           (e)    [X] Investment Advisor registered under section 203 
                      of the Investment Advisers Act 
           (f)    [ ] Employee Benefit Plan, Pension Fund which is 
                      subject to the provisions of the Employee Retirement 
                      Income Security Act of 1974 or Endowment Fund; see
                      sec.240.13d-1(b)(ii)(F) (Note: See Item 7)
           (g)    [ ] Parent Holding Company, in accordance with 
                      sec.240.13d-1(b)(ii)(G).  

</TABLE>
                                                                   

<PAGE>   4

                                      13G                                PAGE 4
<TABLE>
<S>        <C>    <C>
                      (Note: See Item 7)
           (h)    [ ] Group, in accordance with 
                      Sec. 240.13d-1(b)(ii)(H).

Item 4:           OWNERSHIP:        

           (a)    Amount Beneficially Owned:                        
                  as of 31st December, 1997                         759,700 
                    
           (b)    Percent of Class:                                 7.0%
 
           (c)    Number of shares as to which such person has:    

                 (i)   SOLE POWER TO VOTE OR TO DIRECT THE VOTE:    759,700

                 (ii)  SHARED POWER TO VOTE OR TO DIRECT THE VOTE:  0
                                                                   
                 (iii) SOLE POWER TO DISPOSE OR
                       TO DIRECT THE DISPOSITION OF:                759,700
                      
                 (iv)  SHARED POWER TO DISPOSE OR
                       TO DIRECT THE DISPOSITION OF:                0

Item 5:           OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

                  Not Applicable

Item 6:           OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:

                  Not Applicable

Item 7:           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on By the Parent Holding 
                  Company:

                  Not Applicable
                  
Item 8:           Identification and Classification of Members of the Group:

                  Not Applicable

Item 9:           Notice of Dissolution of Group:

                  Not Applicable

Item 10:          CERTIFICATION:

                  By signing below, I certify that, to the best of my knowledge and
                  belief, the securities referred to above were acquired in the
                  ordinary course of business and were not acquired for the purpose
                  of and do not have the effect of changing or influencing the
                  control of the issuer of such securities and were not acquired in
                  connection with or as a participant in any transaction having
                  such purposes or effect.
</TABLE>

    
SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Dated: 5th February, 1998
      

/s/ D.F. Allison
- -----------------------------------
Name: D. F. Allison
Title: Company Secretary


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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