BEIJING, June 18 (Reuters) - The global economy is facing many uncertainties, especially the debt crisis plaguing the euro zone, a senior Chinese official said on Friday.
Countries with serious budget deficits should accelerate fiscal consolidation efforts, Vice Finance Minister Zhu Guangyao told a briefing outlining China's position ahead of a G20 summit in Canada next week.
He said the Group of 20 wealthy and emerging nations, which meets in Toronto on June 26 and 27, should work to strengthen banks' capital and liquidity management.
Zhang Tao, head of the central bank's international department, agreed that the world economy was facing uncertainties but said the recovery was unfolding more strongly than expected.
Zhang, speaking at the same briefing, said he hoped reform of International Monetary Fund quotas would be completed on schedule and called for steps to strengthen the management of credit rating agencies. (Reporting by Aileen Wang and Simon Rabinovitch; Editing by Alan Wheatley)