Taiwan Greater China Fund Announces Board Action With Respect to Semi-Annual Repurchase Offer

NEW YORK, NY, Oct 23 (MARKET WIRE) --
The Taiwan Greater China Fund (NYSE: TFC), a diversified closed-end
registered investment company listed on the New York Stock Exchange (the
"Fund"), announced today that its Board of Trustees has determined that
the Fund will offer to repurchase up to 5% of the Fund's outstanding
securities in the Fund's seventh semi-annual repurchase offer. The
repurchase offer will begin on or around November 19, 2008 and end on
December 12, 2008. The repurchase price per share will be the Fund's net
asset value per share as determined at the close of regular trading on the
Taiwan Stock Exchange on December 17, 2008 or, if the Taiwan Stock
Exchange is not open on December 17, 2008, at the opening of the New York
Stock Exchange on December 17, 2007. Materials regarding the repurchase
offer will be sent to shareholders of record as of November 6, 2008. Each
share repurchased pursuant to the repurchase offer will be subject to a
repurchase fee equal to 2% of the net asset value per share, which will be
deducted from the repurchase price to offset expenses related to the
repurchase offer.

The Fund's Board of Trustees urges shareholders to read and evaluate the
repurchase offer materials carefully before deciding whether to
participate in the repurchase offer.

The Taiwan Greater China Fund is listed and publicly traded in the United
States. The Fund is organized for investment in securities of Taiwan
issuers by non-Taiwan investors and follows an investment strategy of
primarily investing in Taiwan listed companies that derive or expect to
derive a significant portion of their revenues from operations in or
exports to mainland China.

This press release may contain certain forward-looking statements
regarding future circumstances. These forward-looking statements are
based upon the Fund's current expectations and assumptions and are
subject to various risks and uncertainties that could cause actual
results to differ materially from those contemplated in such
forward-looking statements including, in particular, the risks and
uncertainties described in the Fund's filings with the U. S. Securities
and Exchange Commission. Actual results, events, and performance may
differ. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Fund undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this release does
not constitute an admission by the Fund or any other person that the
events or circumstances described in such statement are material.

Contact:

Steven R. Champion
Taiwan Greater China Fund
860 278 7888
Website: http://www.taiwangreaterchinafund.com

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