There will be a grand military parade on 1st October 2009, to commemorate 60 years of the founding of PRC. The parade is held every ten years. It will showcase precision marchings and latest weaponries from PLA. The parade can be watched live on the CCTV channel.
You can watch CCTV9 channel live at : http://wwitv.com/tv_channels/2077.htm
The parade is expected to start at around 12 noon (Sydney time).
Photo from earlier rehearsal: