“China’s macroeconomic policies, exchange rate policy and other specific non-tariff measures make exports to China uneconomic and cumbersome,” India’s Minister of State for Commerce and Industry Jyotiraditya Scindia told the upper house of the Parliament in a written reply.

After the US President Barack Obama and French leader Nicolas Sarkozy, India is now readying to host Wen Jiabao from December 15 to 17. It would be the 11th meeting between Wen and Indian Prime Minister Manmohan Singh in the past six years, the latest in November at the Russia-China-India summit in Wuhan (China).

According to Chinese Embassy sources said the Chinese businessmen would be signing some major contracts with Indian firms during their visit to India.

A tie-up in the banking sector is a possibility as businessmen from the two countries have been pressing their respective governments to work out an accord to mitigate the problems they suffer due to banking problems.

“Our business representatives are coming to India to buy Indian products while other countries have been vying with each other to sell their products to India,” they said, adding that the idea was to promote the two-way trade.

The Sino-Indian trade, which stood at $18.71 billion in 2005, has already crossed $49.84 billion this October. Of this, Indian exports were to the tune of some $17 billion.

“The scale of bilateral trade between the two countries in one way reflects the extent Sino-India relations traveled since 2005,” said Indian Ambassador to China S Jaishankar, who is holding extensive consultations with top Chinese officials to make preparations for Wen’s visit.

Even though China is the country’s second largest trade partner, India had a trade deficit of over $19 billion in 2009-10 fiscal with its neighboring nation. During his visit, Wen is expected to announce initiatives to address trade deficit between the two countries.

More than 250 representatives of 100 Chinese companies, from sectors ranging from manufacturing and banking to Information Technology, had confirmed their participation in next week’s visit.

A provisional list featured some of China’s most well-known state-run firms, from banking behemoths Bank of China and the Industrial and Commercial Bank of China to Sinosteel, one of the world’s biggest importers of iron ore, which is India’s biggest export to China.

The list also features some surprising new entrants, most notably in the real estate and construction sector. More than 20 of China’s biggest real estate players will be represented, such as the Shanghai Urban Construction Group.

The power sector is also heavily represented, including Shanghai Electric, which recently inked a record $ 8.3 billion deal with Reliance Power to supply 36 coal-fired power generation units.

“We have to manage our differences and maximize our opportunities,” he said, declining to go into differences relating to host of issues which officials of the two countries feverishly trying to sort out following the meeting between Wen and Prime Minister Manmohan Singh in October.