China to reduce military by 300,000: Xi

China will reduce the size of its standing army - the largest in the world - by 300,000 troops, President Xi Jinping has announced ahead of a huge military parade.

Beijing will "not seek hegemony" in the world, Xi said.

Authorities have been making personnel cuts to the 2.3 million-strong People's Liberation Army for decades in a bid to make it more efficient.