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What do the flags and "flags" in China's history book The Story of Spring mean?
There is no "flag" in the story of spring. The banner is "Entering a New Era":

We sang Dongfanghong and stood up to be the masters of the country. We tell the story of spring, and the leaders who got rich through reform and opening up and carried forward the past led us into that new era and held high the banner to create the future.

The "banner" here refers to the party's line, principles and policies, specifically "one center and two basic points", that is, taking economic construction as the center, adhering to the four cardinal principles and persisting in reform and opening up.