Li Na, Asia's highest-ranking player in tennis history and the top seed at the WTA tournament, downed Peng, who was seeded fifth, 6-4, 7-5.
Hsieh became the first player from Taiwan to win a Grand Slam title while Peng gave China its first doubles title at a major in seven years.
Li Na's momentous French Open title win of 2011 was expected to open the floodgates for Asian -- and in particular Chinese -- players in world tennis.
Rising British star Laura Robson on Thursday reached the semi-finals of the WTA Guangzhou Open by defeating China's Peng Shuai 7-5, 5-7, 6-2.
China's Peng Shuai said the Olympic tennis tournament will be much more exciting than the regular Wimbledon as it is a one-off special with national pride at stake.
Good thing Wimbledon schedules its middle Sunday as a day off. This year, that gave everyone a chance to catch their breath after an eventful Week 1. Really, when action resumes Monday with all 16 men's and women's fourth-round matches, what could Week 2 possibly have in store to equal what the first six days offered?
Maria Sharapova stormed into the French Open last 16 on Saturday, brushing aside China's Peng Shuai 6-2, 6-1, while semi-final rivals Li Na and Petra Kvitova laboured to reach the second week.
India's nightmare at the French Open continued with Leander Paes and his Austrian partner Alexander Peya being dumped out of the men's doubles second round by Mikhail Elgin of Russia and Denis Istomin of Uzbekistan here Saturday.
Six major champions successfully made their way through the first round of the French Open on the opening day. One didn't.
The red clay courts of the Italian Open "seem like paradise" to Novak Djokovic after a week on the experimental blue surface in Madrid.