Exhibit 99.CodeEth
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                            TAIWAN GREATER CHINA FUND

                            OFFICERS' CODE OF ETHICS



         I.       COVERED OFFICERS; PURPOSE OF THE CODE

                  This code of ethics (this "Code") for the Taiwan Greater China
Fund (the "Trust") applies to the Trust's chief executive officer and chief
financial officer (the "Covered Officers") for the purpose of promoting:

         o        honest and ethical conduct, including the ethical handling of
                  actual or apparent conflicts of interest between personal and
                  professional relationships;

         o        full, fair, accurate, timely and understandable disclosure in
                  reports and documents that the Trust files with or submits to
                  the Securities and Exchange Commission (the "SEC") and in
                  other public communications made by the Trust;

         o        compliance with applicable laws, rules and regulations;

         o        the prompt internal reporting of violations of the Code to an
                  appropriate person or persons identified in this Code; and

         o        accountability for adherence to this Code.

                  Each Covered Officer should adhere to a high standard of
business ethics and be sensitive to situations that may give rise to actual or
apparent conflicts of interest.


         II.      COVERED OFFICERS SHOULD HANDLE ACTUAL AND APPARENT CONFLICTS
                  OF INTEREST ETHICALLY

                  A "conflict of interest" occurs when a Covered Officer's
private interest interferes with the interests of, or his or her service to, the
Trust. For example, a conflict of interest would arise if a Covered Officer or a
member of his or her family received improper personal benefits as a result of
his or her position with the Trust or its investment adviser.

                  Certain conflicts of interest arise out of the relationships
between Covered Officers and the Trust and already are subject to conflict of
interest provisions in the Investment Company Act of 1940 (the "Investment
Company Act") and the Investment Advisers Act of 1940 (the "Investment Advisers
Act"). For example, Covered Officers may not individually engage in certain
transactions (such as the purchase or sale of securities or other property) with
the Trust because of their status as "affiliated persons" of the Trust. The
Trust's and its investment adviser's compliance programs and procedures are
designed to prevent, or identify and correct, violations of these provisions.
This Code does not, and is not intended to, repeat or replace those programs and
procedures, and such conflicts fall outside of the parameters of this Code.

                  Although typically not presenting an opportunity for improper
personal benefit, conflicts arise from, or as a result of, the contractual
relationship between the Trust and its investment adviser, of which the Covered
Officers may also be officers or employees. As a result, this Code recognizes
that the Covered Officers will, in the



normal course of their duties (whether formally for the Trust or for its
adviser, or for both), be involved in establishing policies and implementing
decisions that will have different effects on the Trust and its adviser. The
participation of the Covered Officers in such activities is inherent in the
contractual relationship between the Trust and the adviser and is consistent
with the performance by the Covered Officers of their duties as officers of the
Trust. Thus, if performed in conformity with the provisions of the Investment
Company Act and the Investment Advisers Act, such activities will be deemed to
have been handled ethically.

                  Other conflicts of interest are covered by this Code even if
those conflicts are not subject to provisions in the Investment Company Act and
the Investment Advisers Act. The following list provides examples of conflicts
of interest under this Code, but Covered Officers should keep in mind that these
examples are not exhaustive. The overarching principle is that the personal
interest of a Covered Officer should not be placed improperly before the
interest of the Trust.

                  Each Covered Officer must:

         o        not use his or her personal influence or personal
                  relationships improperly to influence investment decisions or
                  financial reporting by the Trust whereby the Covered Officer
                  would benefit personally;

         o        not cause the Trust to take action, or fail to take action,
                  for the individual personal benefit of the Covered Officer
                  rather than the benefit the Trust; and

         o        not retaliate against any other Covered Officer or any
                  employee of the Trust or their affiliated persons for reports
                  of potential violations that are made in good faith.

                  There are some conflict of interest situations that should
always be discussed with the chairman of the Audit Committee of the Trust's
Board of Trustees (the "Board"). Examples of these include:

         o        service as a director on the board of any public company;

         o        the receipt of any non-nominal gift;

         o        the receipt of any entertainment from any company with which
                  the Trust has current or prospective business dealings unless
                  such entertainment is business-related, reasonable in cost,
                  appropriate as to time and place and not so frequent as to
                  raise any question of impropriety;

         o        an ownership interest in, or any consulting or employment
                  relationship with, any of the Trust's service providers, other
                  than its investment adviser, principal underwriter,
                  administrator or any of their affiliated persons; and

         o        a direct or indirect financial interest in commissions,
                  transaction charges or spreads paid by the Trust for effecting
                  portfolio transactions or for selling or purchasing its shares
                  other than an interest arising from the Covered Officer's
                  employment, such as compensation or equity ownership.



         III.     DISCLOSURE AND COMPLIANCE

         o        Each Covered Officer should familiarize himself with the
                  disclosure requirements generally applicable to the Trust.

         o        Covered Officers must not knowingly misrepresent, or cause
                  others to misrepresent, facts about the Trust to others,
                  whether within or outside the Trust, including to the Trust's
                  trustees and auditors, governmental regulators and
                  self-regulatory organizations.

         o        Each Covered Officer should, to the extent appropriate within
                  his or her area of responsibility, consult with other officers
                  and employees of the Trust and its investment adviser with the
                  goal of promoting full, fair, accurate, timely and
                  understandable disclosure in the reports and documents that
                  the Trust files with or submits to the SEC and in the Trust's
                  other public communications.

         o        It is the responsibility of each Covered Officer to promote
                  compliance with the standards and restrictions imposed by
                  applicable laws, rules and regulations.


         IV.      REPORTING AND ACCOUNTABILITY

                  Each Covered Officer must:

         o        upon adoption of this Code (or thereafter, as applicable, upon
                  becoming a Covered Officer) affirm in writing to the Board
                  that he or she has received, read and understands this Code;

         o        annually thereafter affirm to the Board that he or she has
                  complied with the requirements of this Code;

         o        report at least annually categories of affiliations or other
                  relationships related to conflicts of interest that the
                  Trust's Directors and Officers Questionnaire covers; and

         o        notify the chairman of the Board's Audit Committee promptly if
                  he or she knows of any violation of this Code. Failure to do
                  so is itself a violation of this Code.

                  The chairman of the Trust's Audit Committee is responsible for
applying this Code to specific situations in which questions are presented under
it and has the authority to interpret this Code in any particular situation.
However, any approvals or waivers sought by a Covered Officer will also be
reported to and considered by the Audit Committee as a whole. The chairman of
the Audit Committee and the Audit Committee as a whole will take such actions as
they deem appropriate in response to any question concerning, or violation of,
this Code that comes to their attention.


         V.       OTHER POLICIES AND PROCEDURES

                  This Code is the sole code of ethics adopted by the Trust for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to registered investment companies under that Act. Insofar as
other policies or procedures



of the Trust or the Trust's investment adviser, principal underwriter or other
service providers govern or purport to govern the behavior or activities of the
Covered Officers, they are superseded by this Code to the extent that they
overlap or conflict with the provisions of this Code. The Trust's and its
investment adviser's codes of ethics under rule 17j-1 under the Investment
Company Act and any more detailed policies and procedures set forth in the
adviser's code of ethics or compliance manual are separate requirements applying
to the Covered Officers and others, and are not part of this Code.


         VI.      AMENDMENTS

                  Any amendments to this Code must be approved or ratified by a
majority vote of the Board.


         VII.     CONFIDENTIALITY

                  All reports and records prepared or maintained pursuant to
this Code shall be considered confidential and be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than members of the Audit Committee,
other members of the Board, counsel to the Board or the Audit Committee and the
Trust's investment adviser.



         Dated:   September 12, 2003