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According to preliminary unofficial results, the Kuomintang's Mr Ma is leading by about 17 percentage points, with more than 90% of votes counted.

He faced Frank Hsieh of the ruling Democratic Progressive Party in the race to succeed Chen Shui-bian.

Both candidates advocated closer economic ties with China, but differed over the pace and degree of change.

Among voters waiting to cast their ballots on Saturday the economy was one of the most commonly cited concerns.

Over 17 million people were eligible to vote and turnout figures are expected to be high.

Trade and China

A huge crowd cheered at opposition Kuomintang headquarters as the preliminary results were reported on local TV networks.

Kuomintang officials said he had won more than half the votes cast and claimed victory.

Supporters at Mr Hsieh's base were subdued as they watched the results stream in, reports said. 

Official results from the central electoral commission lag behind the results reported by local media, but still give Mr Ma a comfortable lead.

The economy has been central to the election campaign, and is linked with policy towards China.

China says that Taiwan is part of its territory, although the two have been separately governed since 1949. Beijing has threatened to use force if the island moves towards formal independence.

Many Taiwanese think closer links with Beijing would help revive the island's faltering economy - but ties have been strained under President Chen because of his pro-independence stance.

Mr Ma wants to act quickly, introducing direct flights to the mainland and easing restrictions on investment in China. He has called for the creation of a "common market". 

He has also proposed the agreement of a formal peace treaty with China.  與大陸簽訂和平條約,這個令人擔憂!!!

His rival has been more cautious, promising dialogue with China while pledging to defend Taiwan's sovereignty.

"In the past the DPP was criticised for not opening up but I will be more compromising, I will do better," Mr Hsieh said as the campaign drew to a close.

Voting in the southern city of Kaohsiung on Saturday morning, he opened his arms wide and said: "I have this much confidence."

Mr Ma cast his vote in a church in Taipei.

"We want to normalise the trade and investment relationship with the mainland as we have done with other parts of the world," he told reporters afterwards, according to AFP news agency.

'Second Tibet'

The recent unrest in Tibet also become an election issue, with both men speaking out against Beijing.

Earlier this week Mr Ma talked of a possible Olympic boycott if the situation there deteriorated, though he said on Friday he would not "push the issue to the extreme".

Mr Hsieh, meanwhile, had argued he would be the best protector of Taiwan's sovereignty, warning that his rival could make Taiwan a "second Tibet".

The BBC's Caroline Gluck in Taiwan says it was unclear how much the events in Tibet would sway voters, as many had already made up their minds about which way to vote.

Also on Saturday, voters were being asked to cast a ballot in two competing referendums on whether Taiwan should join the UN.

The more controversial version asks voters if the island should seek membership under the name Taiwan, rather than the island's official name, the Republic of China.

Many countries, including the US, have protested, saying the vote is unnecessarily provocative.

But our correspondent says it seems likely that neither referendum will win enough support from voters to succeed.