A single-entry visa to Mainland China is enough along with Hong Kong visa. India passport holders don't need a visa if they stay in Hong Kong for less than 14 days per entry.

The requirements for China tourist visa are:
(i) Original passport which has more than 6 months left before it expires from the date of application for a visa and sufficient blank visa pages.
(ii) One completed Visa Application Form with a recently-taken passport photo; all the items on the application form should be completed neatly with genuine information; if the applicant has a Chinese name, the Chinese name should be filled in; false or incomplete information and illegible characters may lead to refusal of a visa.
(iii) Proof of sufficient finances to cover all expenditures in China when requied. From 16th March 09 Applicant holding Indian Passport applying for first time Tourist Visa Require to submit Original Bank Certificate with minimum balance of Rs 1.5 lacs.
(iv) Confirmed return flight ticket and its photocopy.
(v) Covering letter from applicant's company or office.
(vi) Photocopy of personal data page of applicant's passport.