China may allow local governments to issue bonds at an earlier-than-usual date next year, underlining the urgency to invigorate the country's slowing growth.

The Ministry of Finance usually starts granting quotas for new local government bond issuance in April, after the National People's Congress (NPC) approves the figures at their annual sessions in March. But in 2019, such quotas are expected to be granted in the first quarter, according to a proposed meeting agenda on the NPC website.

The move could beef up local authorities' financial strength to invest in infrastructure and boost growth next year, which analysts have widely expected to slow from this year.

Analysts are also betting the PBOC may cut the reserve requirement ratio, the amount of cash banks must keep in reserves, in January to offset the impact of the earlier sale of local government bonds, because the debt issuance may squeeze banks' ability to lend and push up interest rates.