Artist Ai Weiwei released by Chinese authorities

World-famous artist and political activist Ai Weiwei has been released on bail after more than two and a half months of being held by authorities in China.

Police in Beijing cited a chronic illness and his 'good attitude in confessing his crimes' according to a Chinese news agency.

He was first held on 3 April at Beijing airport on suspicion of economic crimes. A report from a Chinese news agency state that a company owned by the artist owed a 'huge amount' in taxes.

The report stated: "The Beijing Fake Cultural Development Ltd, a company Ai controlled, was found to have evaded a huge amount of taxes and intentionally destroyed accounting documents, police said."

"The decision (to release him) comes also in consideration of the fact that Ai has repeatedly said he is willing to pay the taxes he evaded'" police said.

Twitter was flooded with rumours about the artist's release earlier today, however the report offered no details of what happened to several friends and colleagues of Ai, who went missing shortly after him.