Marking the 70th anniversary of their defeat over Japan, the People’s Republic of China has held an extravagant parade, displaying the nation’s undeniable military prowess in the process.

As reported in the BBC, President Xi Jinping praised the historic fortitude of his country's past military strength, paying tribute to "the Chinese people who unwaveringly fought hard and defeated aggression" from Japan.

Amid the praise, Xi Jinping announced that the People's Liberation Army would be reduced by 300,000 personnel but offered no date as to when this reduction might happen.

Boasting 2.3 million members, China's People's Liberation Army remains the largest military on the planet.

Over 30 foreign government officials and heads of state attended the parade, including Russia's leader Vladimir Putin and U.N. Secretary General Ban Ki-moon. Latin American representatives came from Cuba as well as Venezuela. Although these two nations have strong ties to the Asian powerhouse; however, one nation that also made an appearance was Mexico.

Over the last few years president Xi and Enrique Peña Nieto have strengthened economic tides between the their countries. Noticeably absent, however, was President Barack Obama.

Japan's Prime Minister Shinzo Abe also declined to show, which was not a surprise.

Roderick MacFarquhar, a Harvard University academic, spoke of the animosity that exists between China and Japan and how the Chinese leader is likely using this mood of the populous to his political advantage.

“Chinese have a visceral dislike of Japan because of the war and so on, MacFarquhar told the Guardian. “You can arouse feelings about Japan very easily and this is a way Xi Jinping is attempting to consolidate his hold [on power] so that it will be difficult for people to get rid of him because he is seen as the great nationalist leader.”

Engaged in several territorial disputes with their neighbors in the South China Sea, as well as with Japan in the East China Sea, China is being keenly watched by the West.

Before the parade in Beijing commenced, the U.S. had announced that they had spotted five Chinese ships in the Bering Sea off Alaska. Bill Urban, a spokesman for the defense department, told the BBC, that the U.S. was “aware of the five People's Liberation Army Navy (PLAN) ships in the Bering Sea. This is the first time we have observed PLAN ships in the Bering Sea."

"We respect the freedom of all nations to operate military vessels in international waters in accordance with international law," he added.

Western powers are also keeping an eye on China for financial reasons. The recent economic turns which have taken place in China have sent serious shock waves around the world. The International Monetary Fund has just announced that slower growth in China, coupled with continuing stock market uncertainty, poses a genuine threat to the global economic growth.