1. We note policy actions in Europe， the United States and Japan aimed at reducing tail-risks in the world economy. Some of these actions produce negative spillover effects on other economies of the world. Significant risks remain and the performance of the global economy still falls behind our expectations. As a result， uncertainty about strength and durability of the recovery and the direction of policy in some major economies remains high. In some key countries unemployment stays unusually elevated， while high levels of private and public indebtedness inhibit growth. In such circumstances， we reaffirm our strong commitment to support growth and foster financial stability. We also underscore the need for appropriate action to be taken by advanced economies in order to rebuild confidence， foster growth and secure a strong recovery.
2、我們注意到歐洲、美國和日本爲減少世界經濟尾部風險所採取的政策措施。其中的部分措施給世界其他經濟體帶來負面外溢效應。世界經濟重大風險猶存，形勢仍低於預期。在經濟復甦的力度和持續性、主要經濟體政策方向方面，不確定性依然很大。在一些重要國家，失業率居高不下，高企的私人和公共債務抑制了經濟增長。在此情況下，我們重申關於支持增長和維護金融穩定的強烈承諾，並強調發達經濟體需要採取適當措施以重建信心，促進增長並確保經濟強勁復甦。
3. Central Banks in advanced economies have responded with unconventional monetary policy actions which have increased global liquidity. While this may be consistent with domestic monetary policy mandates， major Central Banks should avoid the unintended consequences of these actions in the form of increased volatility of capital flows， currencies and commodity prices， which may have negative growth effects on other economies， in particular developing countries.
4、發達經濟體的央行採取非常規貨幣政策，增加了全球流動性。這可能符合其國內貨幣政策的授權，但主要央行應避免此舉帶來加劇資本、匯率和大宗商品價格波動等預料之外的後果，以免對其他經濟體特別是發展中國家經濟增長帶來負面影響。
5. We welcome the core objectives of the Russian Presidency in the G20 in 2013， in particular the efforts to increased financing for investment and ensure public debt sustainability aimed at ensuring strong， sustainable， inclusive and balanced growth and job creation around the world. We will also continue to prioritize the G20 development agenda as a vital element of global economic stability and long-term sustainable growth and job creation.
6、我們歡迎俄羅斯作爲2013年二十國集團主席國提出的核心目標，特別是爲促進全球強勁、可持續、包容和平衡增長、增加就業而增加投資融資、確保公共債務可持續性的努力。我們也將繼續突出二十國集團發展議程，將其作爲全球經濟穩定、長期可持續增長和增加就業的關鍵要素。
7. Developing countries face challenges of infrastructure development due to insufficient long-term financing and foreign direct investment， especially investment in capital stock. This constrains global aggregate demand. BRICS cooperation towards more productive use of global financial resources can make a positive contribution to addressing this problem. In March 2012 we directed our Finance Ministers to examine the feasibility and viability of setting up a New Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries， to supplement the existing efforts of multilateral and regional financial institutions for global growth and development. Following the report from our Finance Ministers， we are satisfied that the establishment of a New Development Bank is feasible and viable. We have agreed to establish the New Development Bank. The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing infrastructure.
8、由於長期融資和外國直接投資不足，尤其是資本市場投資不足，發展中國家面臨基礎設施建設的挑戰。這限制了全球總需求。金磚國家合作推動更有效利用全球金融資源，可以爲解決上述問題做出積極貢獻。2012年3月，我們指示財長們評估建立一個新的開發銀行的可能性和可行性，爲金磚國家、其他新興市場和發展中國家的基礎設施和可持續發展項目籌集資金，作爲對全球增長和發展領域的現有多邊和區域金融機構的補充。根據財長們的報告，我們滿意地看到建立一個新的開發銀行是可能和可行的。我們同意建立該銀行，銀行的初始資本應該是實質性的和充足的，以便有效開展基礎設施融資。
9. In June 2012， in our meeting in Los Cabos， we tasked our Finance Ministers and Central Bank Governors to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA) amongst BRICS countries. They have concluded that the establishment of a self-managed contingent reserve arrangement would have a positive precautionary effect， help BRICS countries forestall short-term liquidity pressures， provide mutual support and further strengthen financial stability. It would also contribute to strengthening the global financial safety net and complement existing international arrangements as an additional line of defence. We are of the view that the establishment of the CRA with an initial size of 100 billion U.S. dollars is feasible and desirable subject to internal legal frameworks and appropriate safeguards. We direct our Finance Ministers and Central Bank Governors to continue working towards its establishment.
10、2012年6月，我們在洛斯卡沃斯會晤時指示財長和央行行長探討通過成立金磚國家應急儲備安排來建設金融安全網。他們的`結論是建立一個自我管理的應急儲備安排具有積極預防效果，將幫助金磚國家應對短期流動性壓力，提供相互支持，並進一步加強金融穩定。這也將作爲一道增加的防線，爲補充現有國際外匯儲備安排、加強全球金融安全網做出貢獻。我們認爲在符合各自國內法律和具有適當安全保證的條件下，建立一個初始規模爲1000億美元的應急儲備安排是可能和共同期待的。我們指示財長和央行行長繼續朝着建立該安排的目標努力。
11. We are grateful to our Finance Ministers and Central Bank Governors for the work undertaken on the New Development Bank and the Contingent Reserve Arrangement and direct them to negotiate and conclude the agreements which will establish them. We will review progress made in these two initiatives at our next meeting in September 2013.
