The cycle of global quantitative easing is coming to an end and policymakers should rely more on fiscal policy to stimulate growth, Zhou Xiaochuan, China's central bank governor, said on Sunday.

Zhou warned about the overreliance on monetary easing and said that policy is not "a panacea that can cure all kinds of illness".

"The direction is to see the limit (of monetary policy) and to consider very carefully how to get out of the period of monetary easing," Zhou said at a panel discussion at the Boao Forum for Asia.