Interim Results

JP Morgan Flem Chinese Inv Tst PLC
14 June 2004

                       LONDON STOCK EXCHANGE ANNOUNCMENT

                 JPMORGAN FLEMING CHINESE INVESTMENT TRUST PLC

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS

The Directors of JPMorgan Fleming Chinese Investment Trust plc announce the
Company's results for the six months ended 31st March 2004.

As shareholders may be aware, I succeeded Sir David Kinloch as Chairman of the
Company following the Annual General Meeting in December 2003. This is,
therefore, the first time I am reporting as Chairman. This followed shareholders
voting overwhelmingly in favour of the resolution proposed at the 2003 Annual
General Meeting that the Company should continue in existence as an investment
trust for a further five years.

Performance

I am delighted to report that the Company's total return on net assets for the
six months to 31st March 2004 was +13.4%, which comprises the change in net
asset value with net dividends (if any) reinvested. This compares favourably
with a total return for the Company's benchmark, the MSCI Golden Dragon Index
(in sterling terms), of +4.9%.

Over the same period, the Company's share price rose from 61.5p to 66.3p and a
net dividend of 0.60p per share was paid in respect of the year. Therefore the
total return to shareholders for the period was +8.7%.

New Directors

I am pleased to confirm the appointment of two new members of the Board: Sir
Andrew Burns KCMG, who was appointed in December 2003, and William Knight, who
was appointed in April 2004. Both Directors bring considerable knowledge of
China and its surrounding economies to the Board.

Sir David Kinloch Bt retired from the Board in April 2004. Sir David had been a
Director of the Company since April 1994 and served as Chairman from that date
until 16th December 2003. I know that the Board and shareholders would join me
in thanking Sir David for his valuable contribution to the Board during what has
proved to be a challenging time for investment in the Greater China region.

Warrants

On launch of the Company, shareholders received one warrant for every five
shares purchased. Under the terms and conditions of the warrants, holders of
warrants had a final right on 2nd February 2004 to exercise all or part of their
warrant holding and subscribe for fully paid shares of 25 pence each in the
Company at £1 per share. All subscription rights have now lapsed.

Share Issues and Share Buybacks

At the Annual General Meeting in December 2003, shareholders gave the Board the
authority to issue up to an additional 6,100,436 new ordinary shares. Since this
authority was granted, over 3.5 million shares have been issued at an average
premium to net asset value of 5.3%.

In addition, the authority to repurchase up to 14.99% of the Company's issued
share capital was renewed at the Annual General Meeting. As previously stated,
repurchases will only be made in the market at prices below the prevailing net
asset value per share. Since the end of the period, the Company's shares have
moved to trade at a small discount to their net asset value. At the time of
writing, no shares have been repurchased under this authority, but the Board
will do so if the discount increases significantly and this would increase the
net asset value per share.

Outlook

It is likely that the Company will, in the near term, see increased market
volatility within the Greater China region as global and regional political
issues and macroeconomic developments take centre stage. The Board, however,
remains positive generally about the outlook for the Chinese economy.

Nigel Melville
Chairman

14th June 2004


For further information please contact:

Carolyn Ladd
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
Telephone [phone]



JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the six months ended 31st March 2004

Statement of Total Return (Unaudited)

                            Six months to 31 March 2004    Six months to 31 March 2003    Year ended 30 September 2003

                             Revenue   Capital     Total    Revenue    Capital      Total  Revenue   Capital     Total
                               £'000     £'000     £'000      £'000      £'000      £'000    £'000     £'000     £'000

Realised gains/(losses) on         -       957       957          -       (384)      (384)       -     1,011     1,011
investments
Net unrealised gains/(losses)      -     3,674     3,674          -       (121)      (121)       -     7,016     7,016
Currency (losses)/gains on 
cash and short-term deposits 
held during the period             -      (138)     (138)         -          6          6        -        31        31
Other capital charges              -       (22)      (22)         -         (7)        (7)       -       (24)      (24)
Income from investments          299         -       299        232          -        232    1,011         -     1,011
Other income                      31         -        31         10          -         10       38         -        38
                             _______  ________   _______   ________    _______    _______  _______  ________   _______

Gross return/(loss)              330     4,471     4,801        242       (506)      (264)   1,049     8,034     9,083
Management fee                  (200)         -     (200)      (157)         -       (157)    (326)         -     (326)
Other administrative expenses   (181)         -     (181)       (99)         -        (99)    (282)         -     (282)
Performance fee                    -       (442)    (442)         -          -          -        -         -         -
Interest payable                   -         -         -          -          -          -       (2)                 (2)
                             _______   _______   _______    _______    _______    _______  _______   _______   _______

(Loss)/return before 
taxation                         (51)    4,029     3,978        (14)      (506)      (520)     439     8,034     8,473
Taxation                           1         -         1         (6)         -         (6)     (40)        -       (40)
                             _______   _______   _______    _______    _______    _______  _______   _______   _______

(Loss)/return after taxation     (50)    4,029     3,979        (20)      (506)      (526)     399     8,034     8,433
Dividend payable                   -         -         -          -          -          -     (354)        -      (354)
                             _______   _______   _______    _______    _______    _______  _______   _______   _______

Transfer (from)/to reserves      (50)    4,029     3,979        (20)      (506)      (526)      45     8,034     8,079

(Loss)/return per ordinary 
share                           (0.08)p    6.40p     6.32p    (0.03)p    (0.87)p    (0.90)p    0.69p    13.81p    14.50p

Dividend per ordinary share       Nil                           Nil                            0.60p



JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the year ended 31st March 2004


BALANCE SHEET                                                           31 March        31 March         30 Sept
                                                                            2004            2003            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                  39,671          23,962          32,112

Net current assets                                                         2,952             832           1,790
                                                                         _______         _______         _______
Total net assets                                                          42,623          24,794          33,902
                                                                           =====           =====           =====
Net asset value per share                                                  64.6p           42.6p           57.5p


CASH FLOW STATEMENT
                                                                            2004            2003            2003
                                                                           £'000           £'000           £'000

Net cash (outflow)/inflow from operating activities                          (1)            (67)             251

Net cash outflow from returns on investments and servicing
of finance                                                                     -               -             (2)

Total tax recovered                                                           11               -               -

Net cash (outflow)/inflow from capital expenditure and                   (2,481)             857           1,483
financial investment

Equity dividends paid                                                      (369)           (145)           (145)

Net cash inflow/(outflow) from financing                                   4,757           (121)             382
                                                                         _______         _______         _______
Increase in cash for the period                                            1,917             524           1,969
                                                                           =====            ====            ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED


14th June 2004


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