The large peasant wears a People's Militia armband (兵民 - bing min). He holds a small Guomindang bandit (匪首 - feishou), who drops a pistol labelled "US".
In the background, scenes with a Guomindang 'bandit spy':
People's militia lies in ambush for spies (圍剿 - weijiao - to encircle and annihilate).
Spy robs and spreads rumors (搶劫 - qiangjie - robbery and 造謠 - zaoyao - spreading a rumor).
Spy poisons a well (放毒 - fangdu - poisoning).
Spy sets fire to a grain field (縱火 - zonghuo - committing arson).
Spy hands in his US pistol with a confession of repentance (自新 - zixin - reforming oneself).