The formation of the People's Republic of China (PRC) has been commemorated on Thursday with a flag raising ceremony in Tiananmen Square. Chinese state media reported that thousands of people were present to witness the ceremony at the same square where 66 years ago the country was formally founded.

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Ahead of the National Day celebration, massive floral displays were erected around the capital city. The colorful flowers in Beijing portray some key national achievements over the past decade including the successful bid to host the 2022 Winter Olympic Games.

On Wednesday, China's leaders and several top officials were present in Tiananmen Square to mark Martyrs' Day and oversee the laying of flowers on the Monument to the People's Heroes. President Xi Jinping later led a group of senior officials on a symbolic walk around the monument.

The National Day celebration kicks off a week-long holiday in China. The Shenzhen and Shanghai stock exchanges are closed for the day and will remain closed for the duration of the Golden Week. In Hong Kong, the stock exchange has also been closed for the day, but is expected to re-open tomorrow.

There were several protests in Hong Kong against the Chinese government as the country marked its National Day. Many of the protesters demanded freedom from China.

In a speech to mark the 66^th National Day, Hong Kong's Chief Executive Leung Chun-Ying noted that young people and politicians need to understand China's development "from multiple perspectives."

On Wednesday, at a National Day reception in the Great Hall of the People, Premier Li Keqiang explained that China has experienced much development since the country was founded in Oct. 1, 1949. He also reiterated the importance of reform and noted that despite the slowdown, China's economy is expected to grow at a commendable rate this year.

Premier Li emphasized the unity of China with Hong Kong, Macao and Taiwan, stressing peace, harmony and common interest. He added that China is willing to enter into mutually beneficial agreements with other countries.

Several world leaders - including Indian Prime Minister Narendra Modi and U.S. Secretary of State John Kerry - have sent congratulatory National Day messages to China.

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