Even after its slump, PetroChina forward price to earnings ratio in Shanghai is 80 per cent higher than its historical average. And while the shares were more richly valued in 2007, it seems improbable that China government would allow such heady market conditions to return anytime soon.Even if the government does loosen its grip, today market darlings are more likely to be found in the technology and consumer industries than in economy sectors like oil. President Xi, who cemented his status China strongest leader in decades at last week Communist Party congress, has emphasized the need for more environmentally friendly growth.
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