Yes. Nationalist was in power during WWII. Then, 'retreated' to Taiwan in 1949. The 'star' represents blue sky and sun. National flag was similar but had a red background. An unconfirmed story was that the designer was ambushed by Qing Dynasty's agents in 1895, and his comrades found the flag in his pocket soaked in blood, so red background. Symbolic.
Thanks for the info.
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