Some context: "The South Bureau of the Central Committee of Communist Party of China was set up in January 16th,1939, which is the representative organ of the Central Committee of Communist Party of China in the centre of the areas (Chongqing)which is ruled by National Party during the period of Anti-Japanese War and the early stage of Liberation War , respectively in charge of many Party organizations such as Sichuan , Yunnan , Guizhou, Hunan , Hubei , Guangdong , Guangxi , Jiangsu , Jiangxi, Zhejiang, Shanghai , Hong Kong, Macao ,including entire southern countries ruled by National Party as well as some enemy- occupied areas.The historic mission of South Bureau, which under the leadership of the Centre of CPC, was that leading people of all ranks in the nation-ruled areas to contrive to repel Japanese aggressor and build new China depended on people democracy while cooperated with the people in the base of anti-Japanese." (source)
And here is what we think it is: A Hermes 44, sold by Hermes Precisa International S.A., Yverdon, Switzerland. This model was built in the late 1970s, early 1980s. According to one source (Dingwerth), it was actually produced by the HPI's Hungarian partner, IGV in Budapest.
So, Switzerland in China, way to go!
update 24/3/2015: image kindly provided by Robert Messenger: