Competitive use of transboundary freshwater resources is becoming one of the key factors influencing regional peace and political relationship among states. In China, 18 major international river basins are concentrated in three regions, of which the total annual outflow at the border is 7320×108 m³, occupying 26.8% of the total annual runoff of China, and the inflow at the border is only 172×108 m³. In this paper, we analyzed the major drivers affecting shared water vulnerability in China, namely: (1) changes in physical conditions affecting the availability of water; (2) competing objectives between economic development and ecological conservation; (3) lack of emergency response mechanisms; (4) unsound administrative institutions; and (5) shortcomings in the development of regional cooperation based on transboundary waters. We concluded by identifying four pathways for reducing vulnerability: (1) encouraging scientific research cooperation; (2) constructing information-sharing channels; (3) establishing early-warning mechanisms; and (4) promoting further coordination and negotiation.