It is a military book bag with the characters 为人民服务 “Service to the People” hand-embroidered on the flap.
You can see a similar bag in the print here.
Mao Zedong with his childhood home underneath.
This papercut is contained in a protective acid-free covering. There may be some noticeable glare.
“Bombard the Headquarters – My Big Character Poster” – Mao Zedong
A hardcover notebook with a revolutionary image pasted on the front that says, 干一辈子革命 读一辈子毛主席的书 “Revolution for a lifetime, read books by Chairman Mao for a lifetime.” The inside image is below. The calligraphy reads, 向雷锋同志学习–毛泽东 ”Learn from Comrade Lei Feng–Mao Zedong.”