The Greater China Fund, Inc. Reports Earnings and Holdings

The Greater China Fund, Inc. (the “Fund”) (NYSE: GCH), a closed-end, non-diversified management investment company seeking long-term capital appreciation, today announced its investment results for the fourth quarter and fiscal year ended December 31, 2007.

                                                  At December 31,                                                  —————                                            2007                   2006                                            —-                   —- Net Assets                             $486,482,857           $411,539,295 Shares Outstanding                      16,828,042             16,795,188 Net Asset Value (“NAV”)                   $28.91                 $24.50 Market Price                              $24.81                 $31.48 Discount to NAV                          (14.18)%                28.49%                                            Quarter Ended December 31,                                            ————————–                                            2007                   2006                                            —-                   —- Net Investment Loss                     ($418,773)             ($564,883) Per Share                                 ($0.02)                ($0.03) Net Realized and Unrealized Gain      ($69,887,253)           $112,131,450 Per Share                                 ($4.15)                 $6.68 Dividends Paid from Net Investment  Income                                      $0               ($7,609,899) Per Share                                  $0.00                 ($0.45) Distributions Paid from Net Realized  Gains                                ($190,156,878)         ($36,944,376) Per Share                                ($11.30)                ($2.20)                                           Fiscal Year Ended December 31,                                           ——————————                                            2007                   2006                                            —-                   —- Net Investment Income                     $53,984              $2,166,317 Per Share                                  $0.00                  $0.13 Net Realized and Unrealized Gain       $295,035,936          $203,268,047 Per Share                                 $17.55                 $12.09 Dividends Paid from Net Investment  Income                                 ($466,137)           ($7,609,899) Per Share                                 ($0.03)               ($0.45) Distributions Paid from Net Realized  Gains                                ($220,662,753)        ($36,944,376) Per Share                                ($13.11)               ($2.20)   Allocation of Net Assets            Top Ten Equity Holdings   ————————            ———————– Equities:                         Representing 33.3% of net assets   China                76.8%    – Hong Kong Exchanges & Clearing Ltd.   Hong Kong            17.3%    – China Mobile (Hong Kong) Ltd.   Taiwan                2.8%    – China Overseas Land & Investment Ltd.                      ———  – Industrial & Commercial Bank of China                        96.9%      Ltd. “H” Convertible Bond        0.8%    – Guangzhou R&F Properties Co. Ltd. “H” Short-Term Investment  40.4%    – China Shenhua Energy Co. Ltd. “H” Investments of Cash             – Ports Design Ltd.  Collateral from                – Zijin Mining Group Co. Ltd. “H”  Securities Loaned      7.7%    – China Merchants Bank Co. Ltd. “H”                      ———  – China Oilfield Services Ltd. “H”                        145.8% Liabilities, in  excess of cash and  other assets         (45.8)%                      ——— Net Assets            100.0%                      ========= 

The Fund’s investment manager is Baring Asset Management (Asia) Limited.

 Contact: Lana Lomuti Prudential Investments LLC (973) 367-7481  

SOURCE: The Greater China Fund