(Yicai Global) Sept. 19 -- Shenyang Machine Tool Group Co., a state-owned tool maker based in China's northern Liaoning province, has invested over CNY1 billion in developing new tools featuring i5 control systems with intelligent and interconnected functions, known as shared machine tools, Global Fortune reported on Sept. 18.

Shenyang Machine Tool Group pursued the new business line after falling annual sales of traditional machine tools.

"Shared machine tools are not only industrial tools, but also intelligent data terminals," said Ma Shaoyan, the company's general manager. "Thus, we are creating a service and sharing mode for the entire industry. We have reached industrial service sharing platform agreements with Shiyan, Yancheng and multiple cities in Liaoning to promote overall transformation and upgrading of regional equipment and the manufacturing industry",

Liaoning province, once focused on heavy industries, is now a key provincial market for the service sector. Tertiary industry firms saw tax revenues reach CNY107.4 billion (USD16.52 billion) in the first six months of the year, higher than the national average.