Xi Jinping, Vladimir Putin and Kim Jong Un appear together at China’s military parade

Chinese President Xi Jinping projected defiance at a once-a-decade military parade, showcasing the nation’s growing firepower and diplomatic influence alongside his closest international allies.

The Chinese leader stood flanked by Russia’s Vladimir Putin and North Korea’s Kim Jong Un on Beijing’s Tiananmen Gate, watching over the vast square as formations of goose-stepping soldiers marched in unison and a new generation of tanks and missile launchers rumbled past.

The event commemorating 80 years since Japan’s defeat in World War II marked the first public appearance together for the three leaders — a signal of their willingness to coordinate more openly in challenging the US-led global order. 

“The Chinese nation is a great nation that does not fear power and intimidation and is determined to stand self-reliant and strong,” Xi said in a speech after soldiers fired an 80-gun salute and raised flags. 

While Xi’s speech did not name any present-day rivals, as the pageantry around Tiananmen Square unfolded, Donald Trump sent a pointed message on his Truth Social platform, accusing the three leaders of working against the US.

“Please give my warmest regards to Vladimir Putin, and Kim Jong Un, as you conspire against The United States of America,” Trump said on his Truth Social site without elaborating.

The diplomatic clout on display extended well beyond the leaders from Moscow and Pyongyang, a key part of Beijing’s effort to shore up relations and build a coalition of its own.

Dozens of heads of state and government also gathered, including those from Vietnam, Malaysia, Pakistan, Belarus, Iran, Serbia and Slovakia. Many had just attended the Shanghai Cooperation Organisation summit hosted by Xi, which he used to bolster ties with Putin and other leaders, especially Indian Prime Minister Narendra Modi.

In his speech, Xi vowed to speed up the building of a “world-class military” and “firmly safeguard” sovereignty and territorial integrity — a thinly veiled reference to Taiwan and warning against any move toward formal independence.

China showcased its latest anti-ship missiles, combat drones and nuclear-capable ballistic missiles at the event. 

The hardware on display included new Type-100 main battle tanks, a family of hypersonic anti-ship missiles like the YingJi-19 and YingJi-20, and 191 long-range rocket artillery systems, according to the official Xinhua News Agency. Beijing also displayed its focus on next-generation warfare with a range of uncrewed systems, from four-legged “combat dog” robots to stealthy combat drones.

The new weapons incorporate cutting-edge technology such as hypersonic systems and are developed with the aim to suppress the US Navy in the Western Pacific, according to Tianran Xu, a senior analyst for the Open Nuclear Network security think tank.

The spectacle on Chang’an Avenue, however, didn’t translate into immediate gains for the companies that build the hardware. Chinese defense stocks fell in a bout of profit-taking, with investors choosing to “sell the event,” according to Bloomberg Intelligence strategist Marvin Chen.

The CSI National Defense Index has jumped 22% this year, outpacing the broader CSI 300’s 13% advance, giving investors a reason to cash in on the gains. Shares of Avic Chengdu Aircraft Co. plunged as much as 13%, while Avic Shenyang Aircraft Co. fell 7.4% and Anhui Great Wall Military Industry Co. dropped 9.8%.