List of things I hope can get hammered out:
Bilateral security issues
The border - the LAC needs to be codified into an active border, preferably with a demilitarization/force limit plan in place (e.g. neither side may base more than X # of troops, Y # of missiles, and Z # of combat aircraft within four or five hundred km of the border)
IOR responsibilities - this one's a bit of a reach, but China should pursue a joint anti-piracy or maritime patrol agreement in the IOR with India, backed by a statement respecting the freedom of navigation of all nations through the IOR, especially as it relates to civilian shipping. A naval mil-mil hotline would also be helpful.
Multilateral security issues
Pakistan? - a joint Sino-Indian statement congratulating the government of Pakistan on its recent peaceful transfer of power would be a nice way to signal rapprochement without declaring anything concrete. China should offer this if India is generous with the IOR agreement.
UNSC P5 - a Chinese endorsement of Indian aspirations to the P5 would be a carrot China should hint at to the Indian side. India could reciprocate by doing the following two things:
Explicit renunciation of R2P - India has just as many ethnic and communal problems as China does (possibly more, if one assesses the issue by the total death toll from communal violence). India also could be said to have human rights issues, especially as it relates to Indian muslims, and could wind up in the GCC's (Gulf Cooperative Council's AKA Saudi Arabia's and Qatar's) R2P crosshairs for that reason. If India were to explicitly renounce R2P - and possibly introduce and vote on a non-binding resolution denouncing the concept in the UN General Assembly together with China and Russia, that would be a critical move in securing the support of those two countries (especially China) for the UNSC P5.
Cooperation on maritime claims - both India (with Sri Lanka) and China (in the SCS and with Japan) have active maritime disputes. A policy of backing each other's claims in international fora should be agreed upon before China backs India for the UNSC P5.
Economic issues
Bilateral trade deals - China could open up its internal markets to generic Indian drugmakers, which might especially be useful given the generally high cost of healthcare in China and China's aging population. This would also help rebalance bilateral trade.
Join statement against the US patent system - the US Patent system is extremely problematic (even American companies hate it - just Google the term 'patent troll'). And yet, the US has used this system to browbeat Chinese and Indian firms into paying through the nose for Western IP. A joint statement of principles, followed by articulation of a set of alternative approaches to protecting IP around the world, would be a great move for China and India to undertake together, given how both their economies would benefit from such a move.
Free trade zone with Pakistan? - Pakistan would never join a FTA with India alone due to mutual hostility, but a multilateral FTA with both India and China would be a great way to sweeten such an FTA with respect to the money that Pakistan could make as well as increase the political palatibility of such an agreement to Pakistan. Wouldn't India rather young Pakistani men work in factories that exported to India rather than sit around, unemployed, and think about ways to blow up Indians? The execution of such an agreement should be quiet rather than loud - no need for Pakistan to feel like India is trying to pry China away from it. Instead, a quiet agreement could be reached during Premier Li's visit, and then China could work on trying to convince the Pakistanis in a few months' time.