"Most importantly, trade and geopolitical tensions have intensified", they said, adding that they "stood ready to take further action" if required.
In the build up to the meeting, Federal Reserve Governor Jerome Powell signaled a willingness to act if the economy needs it, European Central Bank Governor Mario Draghi vowed to support growth while the PBOC's Yi said he has "tremendous" policy options to stoke demand.
Finance ministers and central bank governors of the world's 20 biggest economies, the G20, are meeting in the southern Japanese city of Fukuoka to discuss the global economy amid rising trade tensions between China and the United States.
Mnuchin added the key to the decision would depend on China's willingness to agree to US demands regarding non-tariff barriers and forced technology transfer.
The bickering over trade language has dashed hopes of Japan, which chairs this year's G20 meetings, to keep trade issues low on the list of agendas at the finance leaders' meeting.
"However. risks remain tilted to the downside".
A fifth draft of the communique seen by Bloomberg News on Saturday included a reference to a "pressing need to resolve trade tensions", which was omitted in the final statement.
He tweeted Sunday he had had a "constructive" meeting with China's central bank governor Yi Gang, during which there was a "candid discussion on trade issues". The PBOC said in a statement that the two finance officials "exchanged views on global economic and financial situation, G20 issues, as well as topics of mutual interest".
Last year, Chinese officials agreed to negotiate changes to the economic relationship with the USA, but White House officials said several weeks ago that Chinese officials had begun backtracking, leading Trump to ratchet up pressure and tariffs.
Mnuchin earlier acknowledged concern among fellow leaders over slowing world growth, though he said it was not due to the standoff with Beijing over trade and technology.
Trade negotiations have been on hold since the USA ramped up tariffs on Chinese imports last month, prompting a retaliatory move from China, after a breakdown in talks.
"I will make that decision, I would say, over the next two weeks - probably right after the G-20", he said. "If they're not, we will proceed with tariffs".
Trade and economy ministers of the Group of 20 major economies are meeting in Japan to discuss ways to reorder trade rules and finances in an era of technological change and protectionism. Reuters reports today that Treasury Secretary Steve Mnuchin echoed Trump by stating that the president could loosen restrictions on Huawei if progress is made in the trade war with China. If the USA side is willing to have equal consultations then our door is open. Washington raised tariffs on Chinese goods and threatened new levies, while Beijing has retaliated.
The G20 ministers heaved a sigh of relief just hours before the meeting when the U.S. and Mexico signed an immigration deal that prevented Washington from imposing a 5% tariff on Mexican goods.