Taiwan the Republic of China, is a state in East Asia. Neighbouring states include the People's Republic of China to the west, Japan to the northeast, the Philippines to the south. Taiwan is the most populous state and largest economy, not a member of the United Nations; the island of Taiwan was inhabited by indigenous peoples for thousands of years before the 17th century, when Dutch colonialists opened the island to mass Han immigration. After a brief rule by the Kingdom of Tungning, the island was annexed in 1683 by the Qing dynasty of China, ceded to Japan in 1895. Following the surrender of Japan in 1945, the Republic of China, which had overthrown and succeeded the Qing in 1911, took control of Taiwan; the resumption of the Chinese Civil War led to the loss of the mainland to the Communists and the flight of the ROC government to Taiwan in 1949. Although the ROC government continued to claim to be the legitimate representative of China, since 1950 its effective jurisdiction has been limited to Taiwan and several small islands.
In the early 1960s, Taiwan entered a period of industrialisation. In the 1980s and early 1990s, it changed from a one-party military dictatorship to a multi-party democracy with a semi-presidential system; as a founding member, the ROC represented China in the UN until it was replaced by the PRC in 1971. The PRC has claimed sovereignty over Taiwan and refused diplomatic relations with any country that recognises the ROC; as of 2019, Taiwan maintains official ties with 16 out of 193 UN member states. Most international organisations in which the PRC participates either refuse to grant membership to Taiwan or allow it to participate only as a non-state actor. Most major powers maintain unofficial ties with Taiwan through representative offices and institutions that function as de facto embassies and consulates. In Taiwan, the major political division is between parties favouring eventual Chinese unification and promoting a Chinese identity contrasted with those aspiring to independence and promoting a Taiwanese identity, though both sides have moderated their positions to broaden their appeal.
Taiwan is a high-income advanced economy, with a skilled and educated workforce. It has the 22nd-largest economy in the world, its high-tech industry plays a key role in the global economy, it is urbanised, is one of the most densely populated countries in the world, with most of the population concentrated on the western coast. The state is ranked in terms of civil and political liberties, health care and human development. Various names for the island of Taiwan remain in use today, each derived from explorers or rulers during a particular historical period; the name Formosa dates from 1542, when Portuguese sailors sighted an uncharted island and noted it on their maps as Ilha Formosa. The name Formosa "replaced all others in European literature" and remained in common use among English speakers into the 20th century. In the early 17th century, the Dutch East India Company established a commercial post at Fort Zeelandia on a coastal sandbar called "Tayouan", after their ethnonym for a nearby Taiwanese aboriginal tribe Taivoan people, written by the Dutch and Portuguese variously as Taiouwang, Teijoan, etc.
This name was adopted into the Chinese vernacular as the name of the sandbar and nearby area. The modern word "Taiwan" is derived from this usage, seen in various forms in Chinese historical records; the area occupied by modern-day Tainan represented the first permanent settlement by both European colonists and Chinese immigrants. The settlement grew to be the island's most important trading centre and served as its capital until 1887. Use of the current Chinese name became official as early as 1684 with the establishment of Taiwan Prefecture. Through its rapid development the entire Formosan mainland became known as "Taiwan". In his Daoyi Zhilüe, Wang Dayuan used "Liuqiu" as a name for the island of Taiwan, or the part of it closest to Penghu. Elsewhere, the name was used for the Ryukyu Islands in general or Okinawa, the largest of them; the name appears in the Book of Sui and other early works, but scholars cannot agree on whether these references are to the Ryukyus, Taiwan or Luzon. The official name of the state is the "Republic of China".
Shortly after the ROC's establishment in 1912, while it was still located on the Chinese mainland, the government used the short form "China" to refer to itself, which derives from zhōng and guó, a term which developed under the Zhou dynasty in reference to its royal demesne, the name was applied to the area around Luoyi during the Eastern Zhou and to China's Central Plain before being used as an occasional synonym for the state during the Qing era. During the 1950s and 1960s, after the government had withdrawn to Taiwan upon losing the Chinese Civil War, it was referred to as "Nationalist China" to differentiate it from "Communist China", it was a member of the United Nations representing "China" until 1971, when it lost its seat to the People's Republic of China. Over subsequent decades, the Republic of China has become known as "Taiwan", after the island that comprises 99% of the territory under its control. In some contexts ROC government publications, the name is written as "
Massively multiplayer online game
A massively multiplayer online game is an online game with large numbers of players from hundreds to thousands, on the same server. MMOs feature a huge, persistent open world, although some games differ; these games can be found for most network-capable platforms, including the personal computer, video game console, or smartphones and other mobile devices. MMOs can enable players to cooperate and compete with each other on a large scale, sometimes to interact meaningfully with people around the world, they include a variety of gameplay types. The most popular type of MMOG, the subgenre that pioneered the category, is the massively multiplayer online role-playing game, which descended from university mainframe computer MUD and adventure games such as Rogue and Dungeon on the PDP-10; these games predate the commercial gaming industry and the Internet, but still featured persistent worlds and other elements of MMOGs still used today. The first graphical MMOG, a major milestone in the creation of the genre, was the multiplayer flight combat simulation game Air Warrior by Kesmai on the GEnie online service, which first appeared in 1986.
Kesmai added 3D graphics to the game, making it the first 3D MMO. Commercial MMORPGs gained acceptance in early 1990s; the genre was pioneered by the GemStone series on GEnie created by Kesmai, Neverwinter Nights, the first such game to include graphics, which debuted on AOL in 1991. As video game developers applied MMOG ideas to other computer and video game genres, new acronyms started to develop, such as MMORTS. MMOG emerged as a generic term to cover this growing class of games; the debuts of The Realm Online, Meridian 59, Ultima Online and EverQuest in the late 1990s popularized the MMORPG genre. The growth in technology meant that where Neverwinter Nights in 1991 had been limited to 50 simultaneous players, by the year 2000 a multitude of MMORPGs were each serving thousands of simultaneous players and led the way for games such as World of Warcraft and EVE Online. Despite the genre's focus on multiplayer gaming, AI-controlled characters are still common. NPCs and mobs who give out quests or serve as opponents are typical in MMORPGs.
AI-controlled characters are not as common in action-based MMOGs. The popularity of MMOGs was restricted to the computer game market until the sixth-generation consoles, with the launch of Phantasy Star Online on Dreamcast and the emergence and growth of online service Xbox Live. There have been a number of console MMOGs, including EverQuest Online Adventures, the multiconsole Final Fantasy XI. On PCs, the MMOG market has always been dominated by successful fantasy MMORPGs. MMOGs have only begun to break into the mobile phone market; the first, Samurai Romanesque set in feudal Japan, was released in 2001 on NTT DoCoMo's iMode network in Japan. More recent developments are CipSoft's TibiaME and Biting Bit's MicroMonster which features online and bluetooth multiplayer gaming. SmartCell Technology is in development of Shadow of Legend, which will allow gamers to continue their game on their mobile device when away from their PC. Science fiction has been a popular theme, featuring games such as Mankind, Anarchy Online, Eve Online, Star Wars Galaxies and The Matrix Online.
MMOGs emerged from the hard-core gamer community to the mainstream in December 2003 with an analysis in the Financial Times measuring the value of the virtual property in the then-largest MMOG, EverQuest, to result in a per-capita GDP of 2,266 dollars which would have placed the virtual world of EverQuest as the 77th wealthiest nation, on par with Croatia, Tunisia or Vietnam. World of Warcraft is a dominant MMOG with 8-9 million monthly subscribers worldwide; the subscriber base dropped by 1 million after the expansion Wrath of the Lich King, bringing it to 9 million subscribers in 2010, though it remained the most popular Western title among MMOGs. In 2008, Western consumer spending on World of Warcraft represented a 58% share of the subscription MMOG market in 2009; the title has generated over $2.2 billion in cumulative consumer spending on subscriptions from 2005 through 2009. Within a majority of the MMOGs created, there is virtual currency where the player can earn and accumulate money.
The uses vary from game to game. The virtual economies created within MMOGs blur the lines between real and virtual worlds; the result is seen as an unwanted interaction between the real and virtual economies by the players and the provider of the virtual world. This practice is seen in this genre of games; the two seem to come hand in hand with the earliest MMOGs such as Ultima Online having this kind of trade, real money for virtual things. The importance of having a working virtual economy within an MMOG is increasing. A sign of this is CCP Games hiring the first real-life economist for its MMOG Eve Online to assist and analyze the virtual economy and production within this game; the results of this interaction between the virtual economy, our real economy, the interaction between the company that created the game and the third-party companies that want a share of the profits and success of the game. This battle between companies is defended on both sides; the company originating the game and the intellectual property argue that this is in violation of the terms and agreements of the game as well as copyright violation since they own the rights to how the online currency is distributed and through what channels.
The case that the third-party companies and their customers defen
Entertainment is a form of activity that holds the attention and interest of an audience, or gives pleasure and delight. It can be an idea or a task, but is more to be one of the activities or events that have developed over thousands of years for the purpose of keeping an audience's attention. Although people's attention is held by different things, because individuals have different preferences in entertainment, most forms are recognisable and familiar. Storytelling, drama and different kinds of performance exist in all cultures, were supported in royal courts, developed into sophisticated forms and over time became available to all citizens; the process has been accelerated in modern times by an entertainment industry that records and sells entertainment products. Entertainment evolves and can be adapted to suit any scale, ranging from an individual who chooses a private entertainment from a now enormous array of pre-recorded products; the experience of being entertained has come to be associated with amusement, so that one common understanding of the idea is fun and laughter, although many entertainments have a serious purpose.
This may be the case in the various forms of ceremony, religious festival, or satire for example. Hence, there is the possibility that what appears as entertainment may be a means of achieving insight or intellectual growth. An important aspect of entertainment is the audience, which turns a private recreation or leisure activity into entertainment; the audience may have a passive role, as in the case of persons watching a play, television show, or film. Entertainment can be public or private, involving formal, scripted performance, as in the case of theatre or concerts. Most forms of entertainment have persisted over many centuries, evolving due to changes in culture and fashion for example with stage magic. Films and video games, for example, although they use newer media, continue to tell stories, present drama, play music. Festivals devoted to music, film, or dance allow audiences to be entertained over a number of consecutive days; some activities that were once considered entertaining public punishments, have been removed from the public arena.
Others, such as fencing or archery, once necessary skills for some, have become serious sports and professions for the participants, at the same time developing into entertainment with wider appeal for bigger audiences. In the same way, other necessary skills, such as cooking, have developed into performances among professionals, staged as global competitions and broadcast for entertainment. What is entertainment for one group or individual may be regarded as work by another; the familiar forms of entertainment have the capacity to cross over different media and have demonstrated a unlimited potential for creative remix. This has ensured the continuity and longevity of many themes and structures. Entertainment can be distinguished from other activities such as education and marketing though they have learned how to use the appeal of entertainment to achieve their different goals. Sometimes entertainment can be a mixture for both; the importance and impact of entertainment is recognised by scholars and its increasing sophistication has influenced practices in other fields such as museology.
Psychologists say the function of media entertainment is "the attainment of gratification". No other results or measurable benefit are expected from it; this is in contrast to marketing. However, the distinctions become blurred when education seeks to be more "entertaining" and entertainment or marketing seek to be more "educational"; such mixtures are known by the neologisms "edutainment" or "infotainment". The psychology of entertainment as well as of learning has been applied to all these fields; some education-entertainment is a serious attempt to combine the best features of the two. Some people are entertained by the idea of their unhappiness. An entertainment might produce some insight in its audience. Entertainment may skillfully consider universal philosophical questions such as: "What is the meaning of life?". Questions such as these drive many narratives and dramas, whether they are presented in the form of a story, play, book, comic, or game. Dramatic examples include Shakespeare's influential play Hamlet, whose hero articulates these concerns in poetry.
Novels give great scope for investigating these themes. An example of a creative work that considers philosophical questions so entertainingly that it has been presented in a wide range of forms is The Hitchhiker's Guide to the Galaxy. A radio comedy, this story became so popular that it has appeared as a novel, television series, stage show, audiobook, LP record, adventure game and online game, its ideas became popular references and has been tran
Shanghai is one of the four municipalities under the direct administration of the central government of the People's Republic of China, the largest city in China by population, the second most populous city proper in the world, with a population of 24.18 million as of 2017. It is a transport hub, with the world's busiest container port. Located in the Yangtze River Delta, it sits on the south edge of the estuary of the Yangtze in the middle portion of the East China coast; the municipality borders the provinces of Jiangsu and Zhejiang to the north and west, is bounded to the east by the East China Sea. As a major administrative and trading city, Shanghai grew in importance in the 19th century due to trade and recognition of its favourable port location and economic potential; the city was one of five treaty ports forced open to foreign trade following the British victory over China in the First Opium War. The subsequent 1842 Treaty of Nanking and 1844 Treaty of Whampoa allowed the establishment of the Shanghai International Settlement and the French Concession.
The city flourished as a centre of commerce between China and other parts of the world, became the primary financial hub of the Asia-Pacific region in the 1930s. During the World War II, the city was the site of the major Battle of Shanghai. After the war, with the Communist Party takeover of the mainland in 1949, trade was limited to other socialist countries, the city's global influence declined. In the 1990s, the economic reforms introduced by Deng Xiaoping resulted in an intense re-development of the city, aiding the return of finance and foreign investment to the city, it has since re-emerged as a hub for international finance. Shanghai has been described as the "showpiece" of the booming economy of mainland China; the two Chinese characters in the city's name are 上 and 海, together meaning "Upon-the-Sea". The earliest occurrence of this name dates from the 11th-century Song dynasty, at which time there was a river confluence and a town with this name in the area. There are disputes as to how the name should be understood, but Chinese historians have concluded that during the Tang dynasty Shanghai was on the sea.
Shanghai is abbreviated 沪 in Chinese, a contraction of 沪渎, a 4th- or 5th-century Jin name for the mouth of Suzhou Creek when it was the main conduit into the ocean. This character appears on all motor vehicle license plates issued in the municipality today. Another alternative name for Shanghai is Shēn or Shēnchéng, from Lord Chunshen, a 3rd-century BC nobleman and prime minister of the state of Chu, whose fief included modern Shanghai. Sports teams and newspapers in Shanghai use Shen in their names, such as Shanghai Shenhua F. C. and Shen Bao. Huating was another early name for Shanghai. In AD 751, during the mid-Tang dynasty, Huating County was established by the Governor of Wu Commandery Zhao Juzhen at modern-day Songjiang, the first county-level administration within modern-day Shanghai. Today, Huating appears as the name of a four-star hotel in the city; the city has various nicknames in English, including "Pearl of the Orient" and "Paris of the East". During the Spring and Autumn period, the Shanghai area belonged to the Kingdom of Wu, conquered by the Kingdom of Yue, which in turn was conquered by the Kingdom of Chu.
During the Warring States period, Shanghai was part of the fief of Lord Chunshen of Chu, one of the Four Lords of the Warring States. He ordered the excavation of the Huangpu River, its former or poetic name, the Chunshen River, gave Shanghai its nickname of "Shēn". Fishermen living in the Shanghai area created a fish tool called the hù, which lent its name to the outlet of Suzhou Creek north of the Old City and became a common nickname and abbreviation for the city. During the Tang and Song dynasties, Qinglong Town in modern Qingpu District was a major trading port. Established in 746, it developed into what contemporary sources called a "giant town of the Southeast", with thirteen temples and seven pagodas; the famous Song scholar and artist Mi Fu served as its mayor. The port had a thriving trade with provinces along the Yangtze River and the Chinese coast, as well as foreign countries such as Japan and Silla. By the end of the Song dynasty, the center of trading had moved downstream of the Wusong River to Shanghai, upgraded in status from a village to a market town in 1074, in 1172 a second sea wall was built to stabilize the ocean coastline, supplementing an earlier dike.
From the Yuan dynasty in 1292 until Shanghai became a municipality in 1927, central Shanghai was administered as a county under Songjiang Prefecture, whose seat was at the present-day Songjiang District. Two important events helped promote Shanghai's development in the Ming dynasty. A city wall was built for the first time in 1554 to protect the town from raids by Japanese pirates, it measured 10 metres high and 5 kilometres in circumference. During the Wanli reign, Shanghai received an important psychological boost from the erection of a City God Temple in 1602; this honour was reserved for prefectural capitals and not given to a mere county seat such as Shang
Beijing romanized as Peking, is the capital of the People's Republic of China, the world's third most populous city proper, most populous capital city. The city, located in northern China, is governed as a municipality under the direct administration of central government with 16 urban and rural districts. Beijing Municipality is surrounded by Hebei Province with the exception of neighboring Tianjin Municipality to the southeast. Beijing is an important world capital and global power city, one of the world's leading centers for politics and business, education, culture and technology, architecture and diplomacy. A megacity, Beijing is the second largest Chinese city by urban population after Shanghai and is the nation's political and educational center, it is home to the headquarters of most of China's largest state-owned companies and houses the largest number of Fortune Global 500 companies in the world, as well as the world's four biggest financial institutions. It is a major hub for the national highway, expressway and high-speed rail networks.
The Beijing Capital International Airport has been the second busiest in the world by passenger traffic since 2010, and, as of 2016, the city's subway network is the busiest and second longest in the world. Combining both modern and traditional architecture, Beijing is one of the oldest cities in the world, with a rich history dating back three millennia; as the last of the Four Great Ancient Capitals of China, Beijing has been the political center of the country for most of the past eight centuries, was the largest city in the world by population for much of the second millennium A. D. Encyclopædia Britannica notes that "few cities in the world have served for so long as the political headquarters and cultural center of an area as immense as China." With mountains surrounding the inland city on three sides, in addition to the old inner and outer city walls, Beijing was strategically poised and developed to be the residence of the emperor and thus was the perfect location for the imperial capital.
The city is renowned for its opulent palaces, parks, tombs and gates. It has seven UNESCO World Heritage Sites—the Forbidden City, Temple of Heaven, Summer Palace, Ming Tombs and parts of the Great Wall and the Grand Canal— all tourist locations. Siheyuans, the city's traditional housing style, hutongs, the narrow alleys between siheyuans, are major tourist attractions and are common in urban Beijing. Many of Beijing's 91 universities rank among the best in China, such as the Peking University and Tsinghua University. Beijing CBD is a center for Beijing's economic expansion, with the ongoing or completed construction of multiple skyscrapers. Beijing's Zhongguancun area is known as China's Silicon Valley and a center of innovation and technology entrepreneurship. Over the past 3,000 years, the city of Beijing has had numerous other names; the name Beijing, which means "Northern Capital", was applied to the city in 1403 during the Ming dynasty to distinguish the city from Nanjing. The English spelling is based on the pinyin romanization of the two characters as they are pronounced in Standard Mandarin.
An older English spelling, Peking, is the postal romanization of the same two characters as they are pronounced in Chinese dialects spoken in the southern port towns first visited by European traders and missionaries. Those dialects preserve the Middle Chinese pronunciation of 京 as kjaeng, prior to a phonetic shift in the northern dialects to the modern pronunciation. Although Peking is no longer the common name for the city, some of the city's older locations and facilities, such as Beijing Capital International Airport, with IATA Code PEK, Peking University, still use the former romanization; the single Chinese character abbreviation for Beijing is 京, which appears on automobile license plates in the city. The official Latin alphabet abbreviation for Beijing is "BJ"; the earliest traces of human habitation in the Beijing municipality were found in the caves of Dragon Bone Hill near the village of Zhoukoudian in Fangshan District, where Peking Man lived. Homo erectus fossils from the caves date to 230,000 to 250,000 years ago.
Paleolithic Homo sapiens lived there more about 27,000 years ago. Archaeologists have found neolithic settlements throughout the municipality, including in Wangfujing, located in downtown Beijing; the first walled city in Beijing was Jicheng, the capital city of the state of Ji and was built in 1045 BC. Within modern Beijing, Jicheng was located around the present Guang'anmen area in the south of Xicheng District; this settlement was conquered by the state of Yan and made its capital. After the First Emperor unified China, Jicheng became a prefectural capital for the region. During the Three Kingdoms period, it was held by Gongsun Zan and Yuan Shao before falling to the Wei Kingdom of Cao Cao; the AD 3rd-century Western Jin demoted the town, placing the prefectural seat in neighboring Zhuozhou. During the Sixteen Kingdoms period when northern China was conquered and divided by the Wu Hu, Jicheng was the capital of the Xianbei Former Yan Kingdom. After China was reunified during the Sui dynasty, Jicheng known as Zhuojun, became the northern terminus of the Grand Canal.
Under the Tang dynasty, Jicheng as Youzhou, served as a military frontier command center. During the An-Shi Rebellion and again amidst the turmoil of the late Tang, local military commanders founded their own shor
Europe is a continent located in the Northern Hemisphere and in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west and the Mediterranean Sea to the south, it comprises the westernmost part of Eurasia. Since around 1850, Europe is most considered to be separated from Asia by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas and the waterways of the Turkish Straits. Although the term "continent" implies physical geography, the land border is somewhat arbitrary and has been redefined several times since its first conception in classical antiquity; the division of Eurasia into two continents reflects East-West cultural and ethnic differences which vary on a spectrum rather than with a sharp dividing line. The geographic border does not follow political boundaries, with Turkey and Kazakhstan being transcontinental countries. A strict application of the Caucasus Mountains boundary places two comparatively small countries and Georgia, in both continents.
Europe covers 2 % of the Earth's surface. Politically, Europe is divided into about fifty sovereign states of which the Russian Federation is the largest and most populous, spanning 39% of the continent and comprising 15% of its population. Europe had a total population of about 741 million as of 2016; the European climate is affected by warm Atlantic currents that temper winters and summers on much of the continent at latitudes along which the climate in Asia and North America is severe. Further from the sea, seasonal differences are more noticeable than close to the coast. Europe, in particular ancient Greece, was the birthplace of Western civilization; the fall of the Western Roman Empire in 476 AD and the subsequent Migration Period marked the end of ancient history and the beginning of the Middle Ages. Renaissance humanism, exploration and science led to the modern era. Since the Age of Discovery started by Portugal and Spain, Europe played a predominant role in global affairs. Between the 16th and 20th centuries, European powers controlled at various times the Americas all of Africa and Oceania and the majority of Asia.
The Age of Enlightenment, the subsequent French Revolution and the Napoleonic Wars shaped the continent culturally and economically from the end of the 17th century until the first half of the 19th century. The Industrial Revolution, which began in Great Britain at the end of the 18th century, gave rise to radical economic and social change in Western Europe and the wider world. Both world wars took place for the most part in Europe, contributing to a decline in Western European dominance in world affairs by the mid-20th century as the Soviet Union and the United States took prominence. During the Cold War, Europe was divided along the Iron Curtain between NATO in the West and the Warsaw Pact in the East, until the revolutions of 1989 and fall of the Berlin Wall. In 1949 the Council of Europe was founded, following a speech by Sir Winston Churchill, with the idea of unifying Europe to achieve common goals, it includes all European states except for Belarus and Vatican City. Further European integration by some states led to the formation of the European Union, a separate political entity that lies between a confederation and a federation.
The EU originated in Western Europe but has been expanding eastward since the fall of the Soviet Union in 1991. The currency of most countries of the European Union, the euro, is the most used among Europeans. In classical Greek mythology, Europa was a Phoenician princess; the word Europe is derived from her name. The name contains the elements εὐρύς, "wide, broad" and ὤψ "eye, countenance", hence their composite Eurṓpē would mean "wide-gazing" or "broad of aspect". Broad has been an epithet of Earth herself in the reconstructed Proto-Indo-European religion and the poetry devoted to it. There have been attempts to connect Eurṓpē to a Semitic term for "west", this being either Akkadian erebu meaning "to go down, set" or Phoenician'ereb "evening, west", at the origin of Arabic Maghreb and Hebrew ma'arav. Michael A. Barry, professor in Princeton University's Near Eastern Studies Department, finds the mention of the word Ereb on an Assyrian stele with the meaning of "night, sunset", in opposition to Asu " sunrise", i.e. Asia.
The same naming motive according to "cartographic convention" appears in Greek Ἀνατολή. Martin Litchfield West stated that "phonologically, the match between Europa's name and any form of the Semitic word is poor." Next to these hypotheses there is a Proto-Indo-European root *h1regʷos, meaning "darkness", which produced Greek Erebus. Most major world languages use words derived from Europa to refer to the continent. Chinese, for example, uses the word Ōuzhōu. In some Turkic languages the Persian name Frangistan is used casually in referring to much of Europe, besides official names such as Avrupa or Evropa; the prevalent definition of Europe as a geographical term has been in use since the mid-19th century. Europe is taken to be bounded by large bodies of water
Taiwan Stock Exchange
The Taiwan Stock Exchange Corporation is a financial institution, located in Taipei 101, in Taipei, Taiwan. The TWSE was established in 1961 and began operating as a stock exchange on 9 February 1962, it is regulated by the Financial Supervisory Commission. As of 31 December 2013, the Taiwan Stock Exchange had 809 listed companies with a combined market capitalization of NT$24,519,622 million; the exchange broadcasts before-hour information from 7:40 to 8:40. It has normal trading sessions from 09:00 to 13:45 and fixed price post-market sessions from 14:00 to 15:00 on all days of the week except Saturdays and holidays declared by the exchange in advance; the current chairman of the TWSE is Hsu Jan-yau. The President is Lee Chi-hsien; the Taiwan Capitalization Weighted Stock Index is the stock market index that measures the performance of aggregate listed stocks on TWSE. Taiwan Capitalization Weighted Stock Index List of companies in Taiwan List of East Asian stock exchanges List of stock exchanges Official website