The political entity is commonly called Taiwan. It is a democracy, has a government that operates independently of the PRC, and is recognized diplomatically by about a dozen nations and the Vatican. The IOC’s name of Chinese Taipei is inaccurate and not based in reality.
One photo to demonstrate the level of absurdity involved in the IOC’s rule against displays of statehood for Taiwan. This is not the ROC flag, just a towel. Shameful.