The image refers to the partition of China by various powers in the 18th and 19th centuries.
In the image you can see a dispute between several leaders, among whom we can distinguish the queen of England, the tsar of Russia, the emperor of Japan and the ruler of Germany, and the woman behind the tsar represents France.
In the back is a Chinese-looking man with an angry expression towards those who are dividing up his territory.
This caricature criticizes the distribution that China had at the end of the 19th century, because it was divided into areas of political and economic influence under the control of foreign powers that were:
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