Taiwan’s ruling Lai Ching-te wins presidential election

iwan's ruling Democratic Progressive Party (DPP) candidate William Lai Ching-te on Saturday evening declared victory in the presidential election, as both opposition candidates conceded defeat.

So far 99% of votes have been counted, and Lai received over 5.58 million votes out of approximately 14 million ballots, with turnout remaining at around 70%, local broadcaster TaiwanPlus reported.

Hou Yu-ih, the main opposition Kuomintang candidate, received 4.66 million votes, while Ko Wen-je of the Taiwan People's Party (TPP) received 3.68 million votes. Both conceded defeat.

"We won," Lai told his supporters in Taipei, Taiwan's capital.

He thanked his supporters and declared that Taiwan would support democracy over authoritarianism.

Earlier, speaking to reporters, Lai said he had received the most support and that the Island would continue on the right path forward, as his speech was broadcast live by the broadcaster.

"As president, I have an important responsibility to maintain peace and stability in the Taiwan Strait," he told reporters.

"We will use exchanges to replace obstructionism, dialogue to replace confrontation, and confidently pursue exchanges and cooperation with China," Lai announced.

Lai will take office in May, after incumbent President Tsai Ing-wen's four-year term ends.

Lai is currently Tsai's vice president, and this will be the DPP's third consecutive term rule on the island.