A mass parade for the 70th anniversary of the founding of the People's Republic of China (PRC) took place in Beijing on Tuesday.

Five formations marched through Tian'anmen Square to commemorate the important historical process of the PRC's founding.

Under the leadership of Mao Zedong, the Chinese people won victory in two important wars, the Chinese People's War of Resistance Against Japanese Aggression (1931-1945) and the War of Liberation (1946-1949), and then established New China.

In the early years after the founding of the country, Chinese people endeavored to build up the nation. Facing poverty, Chinese people promoted socialist construction, established a basic socialist economic system and a basic political system under the leadership of the Communist Party of China.

At the early stage of the PRC's founding, China was still an impoverished country. China is now the world's second largest economy after decades of exponential growth. 

Meanwhile, China has ranked first in terms of contribution to global economic growth since 2006, according to a report released by National Bureau of Statistics.

In 2018, the ratio of China's contribution to global economic growth stood at 27.5 percent.