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Still another float celebrated China’s entrepreneurs. The rainbow-colored float, with a charging bull at the prow, was called “The Rolling Spring Tide,” a metaphor often used when discussing China’s process of reform. Lei Jun, the founder of smartphone maker Xiaomi; Liu Yonghao, who controls the New Hope food conglomerate; and Liang Wengen, the founder of Sany Group, a heavy equipment maker, were among those waving to the crowd.

“I deeply feel today’s happy life is hard to come by,” said Mr. Lei in a post on the Weibo social media platform. “We are still on the road. The more we struggle, the happier we are!”

The images of progress evoke the Communist Party’s unspoken pact with its people: Your quality of life will improve as long as you leave the politics to us. That idea forms part of what Mr. Xi calls the China Dream, a broad vision of the country’s emergence as an economic and political force to be reckoned with for decades to come.

But for many, the China Dream may seem harder to reach than before. China’s economic growth is slowing. The trade war with the United States shows no signs of ending. Various indicators point to job losses, sluggish wage growth and fewer opportunities for college graduates.

The cost of living is rising, too. Both tariffs and a weaker currency have made imported goods more expensive.

Still, huge numbers of those watching the parade still remember a destitute China still struggling with the consequences of the devastating policies of the Mao Zedong era. The National Day holiday, which kicks off a weeklong holiday for many, will offer still more reminders as millions go back to their often modest roots to visit their families.

Trump congratulates China hours after protests erupt in Hong Kong.