China and the United States have found common ground on the worldwide recession, Iran and global warming during two days of dialogue in Washington.They signed a memorandum of understanding on climate change. And the US Secretary of State Hillary Clinton said China shared US concerns about Iran’s suspected nuclear arms ambitions. Clinton described the dialogue as an investment, even though there might be few concrete achievements. “This MOU (memorandum of understanding) affirmed our commitment to reaching a successful international agreement on climate change and will expand our cooperation to accelerate the transition to a sustainable low carbon economy,” she said. Perhaps the biggest step forward came on the recession. Both countries agreed to re-shape their economies, so China will rely less on exports, and America will resume saving and investment – the US Treasury Secretary called it ‘living within their means.’ The Strategic and Economic Dialogue between the two superpowers is now due to be an annual event.