US Federal Reserve (Fed) Chairman Alan Greenspan said on Wednesday that he would not endorse a significant increase in tariffs on imports from China as a way to force China to change its currency policy.

Testifying before the Financial Services Committee of the US House of Representatives, Greenspan said that "I would not be in favor of a significant 'punitive' tariff, so to speak, largely because I don't think it would accomplish what a lot of people think it would -- namely that it would significantly improve jobs and manufacturing in the United States."

"Anything that we do which restricts ... globalization at the end of the day redounds to our disadvantage," he said.

Greenspan also said that he believes "it's in China's interest" to let its currency rise against the US dollar.

There are complaints from US manufacturers that China's currency system has hurt their exports to China and some US lawmakers have proposed legislation that would raise tariffs on Chinese imports by 27.5 percent if China does not change the system within two years.

Greenspan has said for several times that there is no credible evidence that US manufacturing activity or US factory jobs would be helped by China's revamping its currency system.

Source: Xinhua