This entire song is an allusion to 40 years of the history of the world. It goes from 1949-1989. These years were referred to in the song as “the fire” and it has been burning for 40 years and it was a good thing that got the world moving forward.
This is one of the many allusions in the song and it is saying that one of the events that made up “the fire” was when the Communist Party of China won the Chinese Civil War which established communism in China and established the People’s Republic of China.
He was one of the great Yankees baseball players at that time and he and the Yankees went to five world series in the 1940’s and they won 4 of them which is pretty amazing.