The text is 东方红, "the East is Red (i.e. Communist)" which was a very popular song during the cultural revolution, which helps date it.

Here's a better picture of the poster. Between the art style and the slogan I'd date this around the mid 1960s.

I can't tell you who made it. These posters were mass produced and rarely if ever signed by an artist. The 2008 date is just the copyright claimed by istockphoto.

Hope that helps. If you're interested, here are some posters from the same period.