China and US Emissions Talk

How can we interpret the news that the US and China have been discussing emissions reductions over secret meeting for a few months now.
As the Guardian has been reporting:

A high-powered group of senior Republicans and Democrats led two missions to China in the final months of the Bush administration for secret backchannel negotiations aimed at securing a deal on joint US-Chinese action on climate change, the Guardian has learned.
The initiative, involving John Holdren, now the White House science adviser, and others who went on to positions in Barack Obama's administration, produced a draft agreement in March, barely two months after the Democrat assumed the presidency...The two sides began discussing ways to break through the impasse, including the possibility that China would agree to voluntary – but verifiable – reductions of greenhouse gas emissions. China has rejected the possibility of cuts as it sees that as a risk to its continued economic growth, deemed essential to lift millions out of poverty and advance national status...
memorandum of understanding between the two countries on joint action on climate change.

Chandler said he and Holdren drew up a three-point memo which envisaged:

•Using existing technologies to produce a 20% cut in carbon emissions by 2010.

• Co-operating on new technology including carbon capture and storage and fuel efficiency for cars.

• The US and China signing up to a global climate change deal in Copenhagen.