ChannelNewsAsia reports:

Taiwan's Kuomintang (KMT) candidate Ma Ying-jeou surged to victory over Democratic Progressive Party (DPP) rival, Frank Hsieh in a presidential vote dominated by concern over the economy and hopes for better relations with China.

With all the votes counted official results gave Ma 58 percent of the vote, compared to 42 percent for opponent Frank Hsieh, of the ruling Democratic Progressive Party.

In proclaiming victory in Saturday's presidential election, Ma told jubilant crowds that the win is a win for hope and a desire for change.

While president-elect Ma spoke to jubilant crowds, over at the DPP headquarters, Frank Hsieh admitted defeat to an emotional gathering of supporters who called on Hsieh not to quit.

"The Taiwanese people have cast their vote and made their decision," Hsieh told despondent supporters of his Democratic Progressive Party (DPP), after Ma beat him by around 17 percentage points.

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