In the early twentieth century, when the Communists gained territory, they set up revolutionary base areas (also known as soviets), and issued new coins and notes, using whatever expertise, supplies and technology were available. Like coins and banknotes all over the world, these played an important role in economic and financial life, and were also instrumental in conveying images of the new political authority. Since 1949, all regular banknotes in the People’s Republic of China have been issued by the People’s Bank of China, and the designs of the notes reflect the concerns of the Communist Party of China.
Wristwatches were one of the most desired mass-produced industrial products in the Mao era, 1949-76. They began the era as imported luxury items owned only by the wealthy. But they ended the era domestically mass-produced by the millions. On the one hand, they were a symbol of the successful efforts to build Chinese industry, science, and technology. On the other, only a small fraction of a population of some 700 million managed to obtain one. The distribution of these watches was a consequence of a specific economic policy. Sometimes, the state used propaganda to promote watch consumption, such as movies made by the state featuring watches. Other times, the state discouraged any form of consumerism, especially after the start of the Cultural Revolution in 1966. Wristwatches were an everyday symbol of the inequality that the Communist Revolution of 1949 had intended to end but that accompanied industrialization.