I could make out just enough to recognize that it says
{共产|gòngchǎn}{主义|zhǔyì}{万岁|wànsuì} — long live communism
{世界|shìjiè}{人民|rénmín}{大团结|dàtuánjié}{万岁|wànsuì} — long live the great unity of the peoples of the world [note: one of the placards on the walls of the Tiananmen]