Special attention has been given to climate change during the fifth strategic and economic dialogue. The two sidess have agreed on five new initiatives to combat greenhouse gas emissions and develop new technologies.

Around the table-China and the U.S., who between them account for nearly half the world's emissions of greenhouse gases.

This new plan aims to put both countries at the forefront of energy conservation and transformation.

The goals- Cut emissions from heavy duty and other vehicles, using fuel efficiency targets, efficient vehicles.

Capture emissions from coal plants using new technology-together the U.S. and China amount to 40% of coal consumption.

Increase energy efficiency in buildings industry and transport-buildings alone account for over 30% of energy use in both countries.

Improving data collection on greenhouse gas emission to help plan for better climate change policy.

Promoting "smart" power grids-energy grids themselves account for over 30% of carbon emissions making them more efficient will pay off.

With record high temperatures and increasingly severe weather events in the U.S. - plus pollution concerns rising in Beijing - both countries are aiming to become leaders-no longer laggards on climate change.

US Secretary of State John Kerry said, "How will we combat climate change - energy policy is the solution."

This new joint U.S.-Chinese plan, of course, is ambitious and will take decades of commitment to implement fully, but the plan is being seen here as an example of how when the world's two biggest economies work together they can have a potential effect on a global scale.