Typically, when investing in domestic waterway transportation companies in China:

Domestic waterway transportation companies must be controlled by Chinese investors.

1. Controlled by the Chinese party

When investing in domestic waterway transportation companies in China's free trade pilot zones:

Domestic waterway transportation companies must be controlled by Chinese investors. (Foreign investors are forbidden from operating domestic waterway transport businesses or carrying out indirect activities through operating or chartering Chinese vessels or shipping space. Waterway transport operators shall not use foreign vessels to carry out domestic waterway transport businesses. However, upon the approval of the Chinese government, in the absence of Chinese vessels capable of meeting transport requirements, and in the event the port or body of water in which the vessel is docked has been opened to foreign vessels, the waterway transport business operator may, within the limits of the period or voyage specified by the Chinese government, temporarily use foreign-registered vessels to carry out marine transport or towing between Chinese ports.)

1. Controlled by the Chinese party
2. Upon the approval of the Chinese government, in the absence of Chinese vessels in China capable of meeting transport requirements, and in the event the port or body of water in which the vessel is docked is opened to foreign vessels, the waterway transport business operator may, within the period or voyage specified by the Chinese government, temporarily use foreign-registered vessels to carry out marine transport and towing between Chinese ports.

Typically, when investing in airlines in China:

Public air transport companies must be controlled by Chinese investors, and the proportion of investment by a foreign investor and its affiliates shall not exceed 25%. The legal representative must be a Chinese citizen. The legal representative of a general aviation company must be a Chinese citizen. General aviation companies serving the agriculture, forestry, and fishery industries shall be limited to joint ventures, and the controlling stake in other types of general aviation companies shall be held by Chinese investors.

1. Public air transport companies

• Controlled by the Chinese party
• The proportion of investment by a foreign investor and its affiliates must not exceed 25%
• The legal representative shall be a Chinese citizen

1. General aviation companies

• The legal representative must be a Chinese citizen
• General aviation companies for agriculture, forestry, and fishery industries shall be restricted to joint ventures
• The controlling stake in other types of general aviation companies shall be held by the Chinese party

When investing in airlines in China's free trade pilot zones:

Public air transport companies shall be controlled by the Chinese party, and the proportion of investment by a foreign investor and its affiliate(s) shall not exceed 25%. The legal representative must be a Chinese citizen. The legal representative of a general aviation company shall be a Chinese citizen. General aviation companies for agriculture, forestry, and fishery industries shall be restricted to joint ventures, and the controlling stake in general aviation companies for any other field shall be held by the Chinese party. (Only Chinese public air carriers can operate domestic air services and provide scheduled and unscheduled international air services as designated carriers in China.)

1. Public air transport companies

• Controlled by Chinese investors
• The proportion of investment by a foreign investor and its affiliates must not exceed 25%
• The legal representative must be a Chinese citizen
• Only Chinese public air carriers can operate domestic air services and provide scheduled and unscheduled international air services as designated carriers in China.

1. General aviation companies

• The legal representative must be a Chinese citizen
• General aviation companies serving the agriculture, forestry, and fishery industries shall be limited to joint ventures
• The controlling stake in other types of general aviation companies shall be held by Chinese investors

Beijing’s access policies are even more preferential:

Foreign investors are allowed to invest in air transport sales agency enterprises.

Remove restrictions on Chinese shareholding proportion in foreign invested aircraft maintenance projects.

Beijing is building a number of international industrial cooperation parks and promoting foreign investment in the aviation sector in the Sino-German International Industrial Cooperation Park and the Sino-Japanese International Industrial Cooperation Park, and those who meet the necessary conditions may engage in emergency transport services.