Domestic water transport companies must be controlled by the Chinese side.
"Article 2. This Law shall apply to foreign investment within the territory of the People's Republic of China (hereinafter referred to as the territory of China).
The term "foreign investment" as mentioned in this Law refers to investment activities conducted directly or indirectly in China by foreign natural persons, enterprises or other organizations (hereinafter referred to as foreign investors), including the following situations:
(1) A foreign investor establishes a foreign-invested enterprise in China alone or jointly with other investors;
(2) Foreign investors acquire shares, equities, property shares or other similar rights and interests of enterprises within the territory of China;
(3) Foreign investors alone or jointly with other investors invest in new projects in China;
(4) Investment in other forms prescribed by laws, administrative regulations or the State Council.
The term "foreign-invested enterprises" as mentioned in this Law refers to enterprises wholly or partly invested by foreign investors and registered and established within the territory of China in accordance with Chinese laws.
[...]
Article 4. The state implements a pre-establishment national treatment plus negative list management system for foreign investment.
The pre-establishment national treatment referred to in the preceding paragraph refers to the treatment given to foreign investors and their investments at the stage of investment access no less than that given to domestic investors and their investments; Special access management measures for investment implementation. The state shall give national treatment to foreign investment outside the negative list.
[...]
Chapter IV - Investment Management
Article 28. Foreign investors are not allowed to invest in fields that are prohibited from investing in the negative list for foreign investment access.
Foreign investors should meet the conditions stipulated in the negative list to invest in the areas where investment is restricted by the negative list for foreign investment access.
Fields outside the negative list for foreign investment access shall be managed in accordance with the principle of consistency between domestic and foreign investment.
Article 29. Foreign investors who need to go through investment project approval and filing shall follow the relevant state regulations.
Article 30. Foreign investors who invest in industries and fields that require licensing according to law shall go through relevant licensing procedures according to law.
Relevant competent departments shall review foreign investors' applications for permits in accordance with the same conditions and procedures as those for domestic investment, unless otherwise stipulated by laws and administrative regulations.[...]'" (Foreign Investment Law of the People's Republic of China of 15 March 2019, as amended)
------------------------------
"I. The Special Administrative Measures  for Foreign Investment Access (Negative List) (hereinafter referred to as the "Negative List") uniformly set out special administrative measures for foreign investment access regarding equity requirements and requirements for senior management. Sectors not covered in the Negative List shall be subject to administration in accordance with the principle of equal treatment for domestic and foreign investments.
[...]
III. Overseas investors are forbidden to engage in investment activities as owners of individual businesses, investors of sole proprietorships, or members of farmers' professional cooperatives. 
[...]
VI. Where the Mainland and Hong Kong Closer Economic Partnership Arrangement and its follow-up agreements, the Mainland and Macao Closer Economic Partnership Arrangement and its follow-up agreements, the Cross-Straits Economic Cooperation Framework Agreement and its follow-up agreements, and any international convention or treaty of which China is a contracting state or to which China has acceded, set out provisions on access treatment for overseas investors that are more preferential, such provisions shall apply. If more preferential opening-up measures are taken for eligible investors in special economic zones such as pilot free trade zones, relevant provisions shall apply. 
[...]
VI. Transportation, warehousing and mail industries 
12. Domestic water transport companies must be controlled by the Chinese side. 
13. The controlling stake of public air transport companies shall be held by the Chinese side, with no more than 25% investment ratio of a foreign investor and its affiliates, and its legal representative shall be a Chinese citizen. The legal representative of general airlines must also be a Chinese citizen and general airlines for agriculture, forestry and fishery are subject to the form of equity joint venture, and for other general airlines, the controlling stake shall be held by the Chinese side.
14. For the construction and operation of civil airports, a comparative controlling stake shall be held by the Chinese side. And foreign parties shall not participate in the construction and operation of the airport tower.
15.  Investment in postal companies and domestic express mail business shall be prohibited. [...]" (Special Administrative Measures  for Foreign Investment Access (Negative List) (2021 Edition) )
------------------------------
"Chapter 1 General Provisions [...]
Article 2.　The term "maritime transport" as mentioned in this Law refers to the transport of goods by sea and the transport of passengers by sea, including direct transport between seas and rivers and between rivers and seas.
The provisions of Chapter IV of this law on the contract of carriage of goods by sea shall not apply to the carriage of goods by sea between ports of the People's Republic of China.
[...]
Article 4.　Sea transportation and towing between ports of the People's Republic of China shall be operated by ships flying the national flag of the People's Republic of China. However, unless otherwise stipulated by laws and administrative regulations.
Without the approval of the competent department of communications under the State Council, foreign ships are not allowed to operate maritime transport and towage between the ports of the People's Republic of China.
Article 5.　Vessels have acquired the nationality of the People's Republic of China upon legal registration and have the right to sail under the national flag of the People's Republic of China. [...]" (Maritime Law of the People's Republic of China of 1 July 1993, as amended)
------------------------------
"Article 2 The following ships shall be registered in accordance with the provisions of these Regulations:
(1) Ships owned by citizens of the People's Republic of China whose residences or principal places of business are located within the territory thereof;
(2) Ships owned by enterprises with legal person status established under the laws of the People's Republic of China and whose principal places of business are located within the territory thereof, provided that, where foreign investment is involved, the proportion of registered capital contributed by Chinese investors shall not be less than 50 per cent;
[...]
Article 3. Ships are allowed to sail under the national flag of the People's Republic of China only after being registered according to law and granted the nationality of the People's Republic of China. No ship may sail under the national flag of the People's Republic of China without being registered.
Article 4. A ship shall not have dual nationality. A ship registered abroad whose former registration of nationality has not been suspended or deleted shall not be granted the Chinese nationality.
[...]
Article 7. Ships of Chinese nationality shall be manned by Chinese citizens. In case it is necessary to recruit foreign seafarers, their employment shall be approved by the competent department of transport and communications under the State Council.
Seafarers on board ships of Chinese nationality who are required to possess certificates of competency shall hold the appropriate certificates of competency issued by the People's Republic of China.[...]" (Regulations of the People's Republic of China Governing the Registration of Ships of 01.01.1995, as amended [google translation])
Foreign Investment Law of the People's Republic of China of 15 March 2019, as amended
Special Administrative Measures  for Foreign Investment Access (Negative List) (2021 Edition) 
Maritime Law of the People's Republic of China of 1 July 1993, as amended
Regulations of the People's Republic of China Governing the Registration of Ships of 01.01.1995, as amended [google translation]
[<a href="http://www.gov.cn/xinwen/2019-03/20/content_5375360.htm">Law</a>],[<a href="https://www.tjftz.gov.cn/tisip/upload/files/2022/4/TheSpecialAdministrativeMeures(NegativeList)forForeignInvestmentAccess(2021Edition).pdf">List</a>],[<a href="http://www.gov.cn/guoqing/2020-12/24/content_5572935.htm">Law</a>],[<a href="http://www.gov.cn/zhengce/2020-12/26/content_5575071.htm">Reg</a>]