Nationalists declare landslide win in Taiwan elections 2008

The Kuomintang (KMT) and its smaller allies have secured 86 of the 113 seats in the Taiwan's new parliament, KMT chairman Wu Poh-hsiung told a press conference at party headquarters.

Minutes later, President Chen Shui-bian conceded defeat and said he would resign as chairman of his Democratic Progressive Party (DPP), calling the defeat the "worst setback" in his party's history.

Taiwan's central election commission has not yet released any official results.

The commission was due to make an announcement at 1930 GMT.

If confirmed, the KMT's score would deal a devastating blow to the party led by Chen, whose pro-independence policies have led to often tense relations with Beijing.

The resounding win also would give a major boost to KMT presidential candidate Ma Ying-jeou in the run-up to the 22nd March presidential elections.

Ma leads the DPP's Frank Hsieh in opinion polls.

"We understand that you have put your faith in us, but our joy should last for only one night," the KMT's Wu said with other party leaders at his side, including Ma.

"I promise we will not abuse the power of the majority but we will use it to stabilise society and unite people, and we will respect the minority in parliament."

Chen, has been blamed for both raising tensions with China and failing to revive Taiwan's sluggish tech-heavy economy -- the two issues that have dominated both the parliamentary campaign and the race for the presidency. - DD News