Local government financing vehicles are selling bonds at the slowest pace in three years, throwing the burden on Premier Li Keqiang to follow monetary easing with fiscal stimulus.

Issuance slumped 47 percent from a year earlier in the first two months to 66.3 billion yuan ($10.6 billion), data compiled by Bloomberg show. Municipal bond trials are still in an initial stage, raising concern over the ability of regions to raise capital for new projects and refinance debt due. The repayment bill of LGFVs will jump 49 percent to a record 416.1 billion yuan this year, China Credit Rating Co estimated.

Li is under pressure to outline fiscal stimulus at the annual session of the National People's Congress on Thursday, after the central bank cut interest rates over the weekend.