Opposition candidate Tsai Ing-wen has been elected Taiwan's first female president.

Tsai's election is a major victory for Taiwan's Democratic Progressive Party (DPP) which leads the camp that wants independence from China.

She had a commanding lead in the vote count when Eric Chu of the ruling Kuomintang (KMT) admitted defeat.

China sees the island as a breakaway province - which it has threatened to take back by force if necessary.

As results showed the KMT candidate trailing with about 30% of the vote, Chu congratulated Tsai Ing-wen and announced he was quitting as KMT head.

The election came just months after a historic meeting between the leaders of Taiwan and China.

However, the flagging economy as well as Taiwan's relationship with China both played a role in the voters' choice, correspondents say.

The KMT has been in power for most of the past 70 years and has overseen improved relations with Beijing - Tsai's victory means this is only the second-ever victory for the DPP.

The first was by pro-independence advocate Chen Shui-bian - during his time as president between 2000 and 2008 tensions escalated with China.

Tsai, however, has not made her stance clear. A former scholar, she has said she wants to "maintain [the] status quo" with China.

But opponents say relations will deteriorate as she does not recognise the "one China" policy. She became chairwoman of the DPP in 2008, after it saw a string of corruption scandals.