Taipei, Dec. 31 (Reuters): Taiwan?s capital opened the world?s tallest building today, a 101-storey tower built to withstand major tremors and storms on the earthquake- and typhoon-prone island.

The skyscraper of steel, concrete and glass, houses a shopping mall and offices for 12,000 people.

Braving winter drizzle, Taiwan President Chen Shui-bian cut the ribbon for the grand opening of the 508-metre tower and took the world?s fastest lift to the 89th floor observatory.

The building took six years to complete and is designed to absorb earthquakes above magnitude 7 and one-in-100-year storms.

Taiwan lies on a seismically active stretch of the Pacific basin and is frequently hit by typhoons.