<SEC-DOCUMENT>0001193125-18-330224.txt : 20190925
<SEC-HEADER>0001193125-18-330224.hdr.sgml : 20190925
<ACCEPTANCE-DATETIME>20181119155705
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ACCESSION NUMBER:		0001193125-18-330224
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA FUND INC
		CENTRAL INDEX KEY:			0000845379
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		50 POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617 772 1616

	MAIL ADDRESS:	
		STREET 1:		50 POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;19, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR CORRESPONDENCE </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Raymond Be </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The China Fund, Inc. (&#147;Registrant&#148;) </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(<U>File No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;811-05749)</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Be: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is in response to
the comments that you provided to Brian F. Link, Secretary of the Registrant, on November&nbsp;16, 2018 regarding the preliminary proxy statement for the above-referenced Registrant, which was filed on Schedule 14A with the Securities and Exchange
Commission (&#147;SEC&#148;) on November&nbsp;9, 2018 (the &#147;proxy statement&#148;). The comments of the SEC Staff and the Registrant&#146;s responses are listed below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.</B> <B>Comment</B>: Under PROPOSAL 1 - APPROVAL OF PROPOSED INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT, clarify that if shareholders approve the
Proposed Agreement it will result in a new investment adviser managing the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has modified the relevant disclosure as
follows (new disclosure <U>underlined</U>): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If approved by the stockholders of the Fund, the Proposed Agreement will replace the Current
Management Agreement <U>and Matthews International Capital Management, LLC (&#147;Matthews Asia&#148;) will replace Allianz as investment adviser to the Fund</U>.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Comment</B>: Under PROPOSAL 1 - APPROVAL OF PROPOSED INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT &#150; Fee Proposal, disclose in plain English what is
meant by the following statement: &#147;Under the structure of this fee, the fee rate and the amounts paid to Matthews Asia would increase discontinuously (and not just on marginal assets) if the Fund&#146;s average daily net assets decline to
$150,000,000 or lower.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Registrant has modified the relevant disclosure as follows: (new disclosure <U>underlined</U>; removed
disclosure [bracketed]): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[Under the structure of this fee, the fee rate and the amounts paid to Matthews Asia would increase
discontinuously (and not just on marginal assets) if the Fund&#146;s average daily net assets decline to $150,000,000 or lower.] <U>The structure </U> </P>
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<U>of this fee is unlike the structure of the fees under the Current Management Agreement that has a higher fee rate for lower asset levels that apply to assets only up to a certain level and
then a lower fee rate for higher asset levels that apply to assets only above that certain level. For the Fund, the lower fee rate charged by Matthews Asia would apply to all assets if the Fund&#146;s average net assets are above
$150</U><U></U><U>&nbsp;million and the higher fee rate would apply to all assets if the Fund&#146;s average net assets are $150</U><U></U><U>&nbsp;million or below.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any further comments or questions, please contact me at (203) <FONT STYLE="white-space:nowrap">253-5090.</FONT> </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Leonard Mackey</P></TD></TR>
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<TD VALIGN="top">Leonard Mackey, Esq.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Clifford Chance US LLP</TD></TR>
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