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TAIPEI—Opposition candidate Tsai Ing-wen won a landslide victory in Taiwan’s presidential election Saturday, making her the democracy’s first female president and setting back Beijing’s ambitions to reunify the island with the mainland. Ms. Tsai’s commanding victory brings to power her Democratic Progressive Party, or DPP, which espouses Taiwan’s formal independence from China—a red line for Beijing, which claims the island as its territory.Eric Chu, the candidate from the ruling Kuomintang, or Nationalist Party, conceded defeat and congratulated Ms. Tsai on her victory as results from the election commission, although incomplete, gave her an unassailable lead. While expected, the result is a blow for the Chinese government, which seeks reunification with Taiwan and has forged a good working relationship with Taipei under the outgoing president, KMT politician Ma Ying-jeou. It could alsocomplicate Beijing’s ties with Washington, which is obliged by U.S. law to help Taiwan defend itself. During the campaign, Ms. Tsai, a 59-year-old former law professor, promised not to provoke Beijing and abide by existing agreements, many of which promoted expanded commercial ties.At the same time, Ms. Tsai spoke to concerns among many Taiwanese about Beijing’s rising influence during Mr. Ma’s eight years in office and the effect China’s economic heft was having in enriching a business elite, while drawing away jobs and investment from Taiwan’s economy Results from a simultaneous legislative election were expected later on Saturday evening. Many pollsters predict that the DPP could also win them, either outright or in a coalition. It would be the first time the ruling KMT and its allies have lost control of the legislature sinceChiang Kai-shek’s Nationalist government was ousted from the mainland by Communist forces in 1949.