Lai Ching-te of Taiwan's ruling Democratic Progressive Party has declared victory in Saturday's presidential election.

On the campaign trail, Lai said he would follow in the footsteps of outgoing President Tsai Ing-wen, and that appears to have helped him secure support from a broad range of voters who favor the status quo.

At a news conference on Saturday night, he said, "Our victory has great significance. It's a victory for Taiwan's democracy."

Lai's victory means the same party will be in power for a third consecutive term. This is the first time that has happened since direct presidential elections began in Taiwan in 1996.

His two contenders, Hou Yu-ih of the largest opposition Kuomintang Party and Ko Wen-je of the second-largest opposition Taiwan People's Party, conceded defeat earlier.

Speaking to his supporters, Hou expressed regret. He said he should have made more of an effort to win the election. Hou apologized for disappointing the supporters and for failing to bring about a change of government.

Ko told his followers that he will not give up, and he told them that they should not give up either. He also said that he will continue to work hard, as he believes people will vote for him and his party in the next 2028 elections.

Taiwan's relationship with China was one of the key issues at stake. The ruling DPP wants to resist pressure from Beijing, while the opposition parties favor expanding dialogue with the country.