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 - midstream). What this refers to is unclear.