This is the first parade China has ever held to commemorate the ending of World War II.
While some Western political pundits will most likely look on and try to hype-up China as a potential threat to global stability or fear-monger the parade into something it's not, they should remember this: it was an event to honor those who fought and died for this country against its greatest threat in modern history. Why 70 years? Well, in five or ten more years, there might not have been any of those who actually fought left to attend. The average age of World War II veterans is now 90 years-old.
In essence, it is a reminder for Chinese and other countries that fought against fascism the qualities that made China what it is today, just like in Western countries, so great.
To bypass the parade's true reasoning and just speak of China in terms of a communist country threatening its neighbors by showing off its military is incorrect at best, and a dangerous rhetoric at worst.
Case and point: Xi Jinping has made it clear that China will reduce its number of armed forces by 300,000 this year. The phrase "Peaceful Rise" has become almost as synonymous as "Harmonious Society".
This was an occasion to commemorate war heroes who will not be with us much longer. It's a celebration for those who defended the invasion, and did so heroically. It is not a celebration of War, like some in the West might want you to believe. Pomp and power aside, it is primarily a demonstration of peace and a showcase for the Chinese to be proud of the advances its country has made since its war-torn state in 1945.
Even as a foreigner who's lived here more than 10 years, I felt a sense of pride for China while watching it today. Such a parade is need in China, for it stimulates the sense of patriotism and national pride among its people.
Some say shutting down the busiest areas of Beijing for two days was a bit extreme, but I disagree. I think it is of utmost importance for all Chinese, especially a younger, more coddled generation, to realize the importance of this event, and what the "greatest generation" sacrificed to make sure future generations never have to.