(Adds April bond issuance, context in paragraphs 3-6)
BEIJING, June 28 (Reuters) - China's local governments issued a net 275.5 billion yuan ($38.04 billion) in special bonds in May, up slightly from April, official data showed on Wednesday, as speculation grows over when Beijing will ramp up stimulus for the shaky economy.
Special bond issuance for the first five months totalled 1.897 trillion yuan, according to data released by the finance ministry on its website.
In April, local governments issued a net 264.7 billion yuan in special bonds.
Local governments are likely to quicken bond issuance in the coming months to spur investment, as part of steps to bolster the faltering economic recovery, policy insiders said.
Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier, slowing from January-March and less than expectations for a 5.5% rise.
The government plans to increase funding for infrastructure projects with 3.8 trillion yuan in special local government bonds this year, up from last year's 3.65 trillion yuan. ($1 = 7.2431 Chinese yuan renminbi) (Reporting by Ellen Zhang and Kevin Yao; Editing by Andrew Heavens and Kim Coghill)