Water is the second name the Wu Xing shares with the Greek four elements, and as with Fire the shared word conceals a difference in kind. Shui is a phase, a position in a pair of cycles, and not a substance things are made from.
In the generating cycle, sheng, Metal produces Water and Water produces Wood, so water stands between the phase of contraction and the phase of new growth. In the overcoming cycle, ke, Earth restrains Water and Water restrains Fire. The pairing with Fire is the one the tradition works hardest, because Water and Fire sit directly opposite each other and the internal alchemy of the neidan schools is largely concerned with getting them to change places.
In the classical Chinese medical literature Water is the phase of the kidney and the bladder, of the ears, of the bones and the marrow, of winter, of the north, of the colour black, of the salty flavour and of fear among the emotions. It is also the phase associated with the stored reserve, the jing, which the texts treat as finite. These are correspondences internal to that system, recorded here as description and not as guidance.
Winter, the north, black, midnight and stillness form the cluster, and the reading is not of emptiness but of what is held below the surface until the cycle turns. That is the same logic the Daodejing uses when it praises water for taking the low place and wearing down what is hard.
Sources Science and Civilisation in China, Volume 2: History of Scientific ThoughtJoseph Needham with Huangdi Neijing (The Yellow Emperor's Inner Classic)Traditionally attributed to Huangdi; actual authorship unknown, Tao Te ChingLaozi (attributed)