Chinese President Xi Jinping announced on Thursday that he would reduce the country’s military personnel by 300,000.

Chinese President Xi Jinping announced on Thursday that he would reduce the country’s military personnel by 300,000, in a move aimed at presenting the People’s Liberation Army as a force for peace and regional stability.

During a parade marking 70 years since the end of World War II, Xi described the cut as a gesture of peace — at a time when China’s neighbors have grown increasingly worried about its territorial claims and military strength.

The Chinese military has more than two million members, and Xi has embarked on an accelerated modernization of the armed forces, which would shift spending from the traditional land forces to more advanced sea and air forces, which require fewer but better trained personnel, The New York Time reported.

“I announce that China will reduce military personnel numbers by 300,000,” he said, speaking on a platform overlooking Tiananmen Square.

The cut would shrink military forces to two million personnel, the China News Service, a state-run agency, said.

In announcing the cuts, the largest in nearly two decades, Xi signaled his determination to press forward with his agenda of military restructuring despite China’s economic slowdown. The government will be under pressure to find jobs for the demobilized soldiers, many with limited skills.

The parade, which began immediately after Xi spoke, was called a commemoration of the 70th anniversary of the end of World War II, but appeared to be an attempt by the Communist Party to showcase the nation’s rising military might to a global audience.