Taipei (CNN)Taiwan appears to have its first female President, in a landmark election that could unsettle relations with Beijing.

Eric Chu, the Nationalist Party candidate in Taiwan’s presidential election conceded defeat late Saturday and congratulated rival Tsai Ing-wen to her victory as the country’s new President, state-run Central News Agency reported.

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Her supporters filled streets, waving party banners and cheering to victory announcements made from a stage.

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Official election results have not yet been announced.

Voters lined up Saturday at polling stations, and when they closed, surveys suggested that Tsai Ing-wen, leader of the opposition Democratic Progressive Party (DPP), would win the presidential vote by a significant margin after eight years under the government of the pro-China Kuomintang (KMT) or Nationalist Party.

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