SOME 17 million Taiwanese head to the polls today to pick a new leader. The winner will succeed President Chen Shui-bian, who completes his term in May.
The contenders
Mr Frank Hsieh, 61, Democratic Progressive Party (DPP): An ex-premier and a former lawyer for political dissidents. A self-styled defender of Taiwan's sovereignty and democracy.
Mr Ma Ying-jeou, 57, Kuomintang (KMT): A Harvard-trained lawyer who portrays himself as the saviour of the flagging economy.
Who's leading
Mr Ma is, according to the polls. But Mr Hsieh, dubbed Taiwan's Comeback Kid, has narrowed the gap.
What's at stake
For the KMT: It is the closest it has come to wresting back the presidency, after losing its 51-year-old grip on power in 2000.
For the DPP: Winning is crucial to its efforts to deepen the Taiwanese identity, which stresses the island's separateness from China.
Hot-button issues
Economy: Gloomy job prospects, stagnant incomes and rising costs are expected to top voters' concerns.
One-party rule: Voters may be wary of handing the presidency to the KMT, which already controls the legislature.
Cross-strait ties: Bread-and-butter issues outweigh politics.
Who can swing the vote
Southerners: Traditionally a DPP stronghold, but support for the party has waned because of its dismal economic record.
Youth: Some 1.2 million first-time voters could swing either way.
The undecided: Opinion polls show 20 per cent of Taiwanese have yet to make up their mind.
Impact beyond Taiwan
Greater stability in the region is expected after the election. Both candidates are seen as moderate, compared to President Chen who has roiled the waters of the Taiwan Strait with his pro-independence moves, including conducting a controversial referendum on polling day.
The DPP referendum calls for the island to join the United Nations under the name 'Taiwan', instead of its formal title 'Republic of China'.
Beijing fears the vote could pave the way for a change in Taiwan's formal title - perceived as a move towards formal independence.