Just a short while ago there was the military guard, the marching band that had demonstrated and played songs for all of the attendance at today's event.

Now just a short time ago we did have the swearing-in of Lai Ching-ta as Taiwan's 16th term president together with his vice president Xiaovi Kim and that took place just inside the presidential office just behind me.

Now just in the last couple of minutes we got some breaking news coming through from the Taiwan defense ministry that six Chinese planes had crossed the median line.

Now for China on its part, China's commerce ministry has banned Boeing's defense unit over Taiwan arms sales.

So they have now banned trade, new investment and senior executives from Boeing to visit China.

They have also been placed on the list of unreliable entities and now faces a fine of the amount of two times the amount of arms sales contracted to Taiwan and they must make this payment within 15 days of this announcement.

This according to China to safeguard sovereignty, security and the development interests in accordance with the foreign trade law of the PRC.

Now as we are of course watching some of the celebrations and performances here, what we can also expect to happen a little bit later today is we will have the inaugural speech taking place at 10 58 which is expected to last for about 25 minutes and then tonight there will be a state banquet over in Tainan at the yacht club in which the dignitaries that have been invited here that will be taking part in.

508 dignitaries according to the ministry of foreign affairs taking part in today's celebrations.

We've got eight heads of state here alongside something like 51 delegations coming from the United States, South Korea, Australia, Canada, Singapore and Japan just to name a few.