Xi reduces troops, pledges peace

China staged a spectacular V-Day parade on Thursday morning in downtown Beijing, with President Xi Jinping pledging the country would cut troops by 300,000 and stick to a path of peaceful development.

"In the interest of peace, we need to foster a keen sense of a global community of shared future," Xi said. "Prejudice, discrimination, hatred and war can only cause disaster and suffering, while mutual respect, equality, peaceful development and common prosperity represent the right path to take."

"I announce that China will cut the number of its troops by 300,000."