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Each year China gives out labour medals to celebrate and motivate beleaguered workers. This year’s honour roll is heavy on technicians and Communist Party apparatchiks and light on the gig workers driving the economy. Our analysis reveals the big difference between workers in China and those in the West.
In 2021, Cameo, a video site, was valued at $1bn. These days, the business of paying minor celebrities to deliver personal greetings looks less shiny: Cameo is reckoned to be worth just $82m. It is a “zombie” unicorn—a startup struggling to justify its mythical valuation. Here’s why a fair proportion have joined the undead. | 
