A joint communique signed between India and China, the Asian Giants in economy, population and power, on December 16, 2010 said that they had agreed to expand co-operation in infrastructure, environment, information technology, telecommunications, and investment and finance.
It said that both Wen Jiabao and Manmohan Singh wanted "to draw on each other's strengths and pursue mutual benefit and win-win results".
Mr Wen hold talks with Indian PM Manmohan Singh on Thursday, December 16, 2010.
The two men discussed a number of sensitive issues, including a long-running border dispute.
Both sides said they need more time to sort out the border question.
The BBC's Sanjoy Majumder in Delhi says that the Chinese premier's visit amounted to a strong endorsement of the economic relationship between the two Asian giants, even though contentious issues remain.
Chinese Prime Minister Wen Jiabao arrives in Delhi on 15 December 2010. Mr Wen's delegation in India was much larger than those headed by leaders of the US and UK.
These include China's military build-up on the border and India's support for the Dalai Lama.
The two countries signed some 50 deals in power, telecommunications, steel, wind energy, food and marine products worth $16 billion at the end of a business conference attended by Mr Wen in the capital, Delhi, on Wednesday (December 15, 2010) evening.
This overtakes the $10 billion of agreements signed between Indian and American businesspeople during the recent visit of US President Barack Obama.
"There is enough space in the world for the development of both China and India and there are enough areas for us to co-operate," Mr Wen told the business conference.
Mr Singh - speaking after his 11th meeting with Mr Wen in the last five years - said that a strong partnership between the two countries "will contribute to long-term peace, stability, prosperity and development in Asia and the world".
The communique said that the two sides had decided to establish a "mechanism of regular exchange of visits between heads of state and government".
"They welcomed the opening of the telephone hotline between the prime minister of India and the Chinese premier and agreed on regular consultations between the two leaders on issues of importance to both countries," it said.
"They also agreed to establish the mechanism of annual exchange of visits between the two foreign ministers."
China's premier also met India's External Affairs Minister SM Krishna and the ruling Congress party chief Sonia Gandhi.
Mr Wen travels to India's nuclear-armed neighbour and rival, Pakistan, for a two-day official visit on December 17, 2010 day after visiting India.