Zhongyang renmin zhengfu wei daibiao Zhonghua renmin gongheguo quanguo renminde weiyi hefa zhengfu
Parade on the occasion of the proclamation of the People's Republic of China on Tiananmen Square in Beijing, 1 October 1949. Mao stands above, fifth from the right, with members of his first government.
From left to right: Shen Junru, Zhang Lan, Song Qingling, Dong Biwu, Zhu De, Mao, Li Jishen, Liu Shaoqi, Chen Yun (probably; it could also be Cheng Qian), Gao Gang.
Characters in the bottom right corner: 中流 (zhong liu). The designer?