The parade features 59 formations and a military band, including more than 160 aircraft and 580 pieces of equipment.

Mass parade concludes as people fly 70,000 balloons and release doves to extend best wishes for motherland.

President Xi Jinping on Tuesday delivered a speech at a grand rally at Tian'anmen Square in Beijing to celebrate the 70th anniversary of the founding of the People's Republic of China (PRC). Here are the highlights:

"We gathered here today for a grand rally to celebrate the 70th anniversary of the founding of the PRC," said Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission.

"Right at this moment, Chinese people of all ethnic groups and all the sons and daughters of the Chinese nation at home and abroad take pride in and give our best wishes to our great motherland with great joy," he added.

Xi remembered revolutionary forefathers and martyrs for their feats in pursuing national independence and liberation, a stronger and more prosperous country and the people's well-being.

Xi extended warm National Day congratulations to Chinese people of all ethnic groups and all compatriots at home and abroad.

Xi also expressed heartfelt gratitude to friends around the world for their caring for and support to China's development.

The founding of the People's Republic of China (PRC) completely changed China's miserable fate of being poor and weak and being bullied and humiliated in over 100 years since the advent of modern times, Xi said.

"Seventy years ago on this day, Comrade Mao Zedong solemnly declared here to the world that the PRC was founded and the Chinese people had stood up," Xi said.

The Chinese nation has since then embarked on the path of realizing national rejuvenation, he said.

With over 15,000 troops attending the military parade and more than 100,000 people taking part in a mass parade afterward, this year's festivities were the largest National Day celebrations held in recent years.

After his speech, Chinese President Xi Jinping solemnly honored the Party, national and military flags.

This is the first time a flag-honoring ceremony has been held as part of a National Day military parade.