diff --git a/tcc.h b/tcc.h
index 78b0174..7c210fd 100644
--- a/tcc.h
+++ b/tcc.h
@@ -38,11 +38,11 @@
 #include <fcntl.h>
 #include <setjmp.h>
 #include <time.h>
-#include <sys/stat.h>
 
 #ifndef _WIN32
 # include <unistd.h>
 # include <sys/time.h>
+#include <sys/stat.h>
 # ifndef CONFIG_TCC_STATIC
 #  include <dlfcn.h>
 # endif
@@ -717,9 +717,8 @@ typedef struct InlineFunc {
 /* include file cache, used to find files faster and also to eliminate
    inclusion if the include file is protected by #ifndef ... #endif */
 typedef struct CachedInclude {
+#ifndef _WIN32
     struct stat st;
-#ifdef _WIN32
-    unsigned long long hash;
 #endif
     int ifndef_macro;
     int once;
diff --git a/tccpp.c b/tccpp.c
index b95c63d..42ae463 100644
--- a/tccpp.c
+++ b/tccpp.c
@@ -51,6 +51,9 @@ static int pp_debug_tok, pp_debug_symv;
 static int pp_once;
 static int pp_expr;
 static int pp_counter;
+#ifdef _WIN32
+static char pp_wd[1024];
+#endif
 static void tok_print(const char *msg, const int *str);
 
 static struct TinyAlloc *toksym_alloc;
@@ -1607,66 +1610,76 @@ bad_twosharp:
     define_push(v, t, tok_str_dup(&tokstr_buf), first);
 }
 
-#ifdef _WIN32
-static unsigned long long calc_file_hash(const char *filename)
-{
-    unsigned long long hash = 14695981039346656037ull; // FNV_offset_basis;
-    int fd = open (filename, O_RDONLY | O_BINARY);
-
-    if (fd < 0)
-	return 0;
-    for (;;) {
-        unsigned char temp[IO_BUF_SIZE];
-	int i, n = read(fd, temp, sizeof(temp));
-
-	if (n <= 0)
-	    break;
-	for (i = 0; i < n; i++)
-	    hash = hash * 1099511628211ull ^ temp[i]; // FNV_prime
-    }
-    close(fd);
-    return hash ? hash : 1ull;
-}
-#endif
-
 static CachedInclude *search_cached_include(TCCState *s1, const char *filename, int add)
 {
     unsigned int h = 0;
     CachedInclude *e;
     int i;
-    struct stat st;
-#ifdef _WIN32
-    unsigned long long hash = 0;
-#endif
 
     /* This is needed for #pragmae once
-     * We cannot use stat on windows because st_ino is not set correctly
-     * so we calculate a hash of file contents.
-     * This also works for hard/soft links as in gcc/clang.
-     */
-    memset (&st, 0, sizeof(st));
-    if (stat (filename, &st))
-	goto  skip;
-    h = st.st_size & (CACHED_INCLUDES_HASH_SIZE - 1);
+     * We cannot use stat on Windows because st_ino is not set correctly
+     * and it takes a lot of time.
+     * So we calculate the full pathname of the file.
+     * This also means on Windows links do not work.
+     * On linux we can use stat so hard/soft links work like in gcc/clang.
+     */ 
 #ifdef _WIN32
-    /* Only calculate file hash if file size same. */
-    i = s1->cached_includes_hash[h];
-    for(;;) {
-        if (i == 0)
-            break;
-        e = s1->cached_includes[i - 1];
-	if (e->st.st_size == st.st_size) {
-	    if (0 == PATHCMP(e->filename, filename)) {
-		hash = e->hash;
-		break;
+#define	NAME fullname
+    char fullname[sizeof(pp_wd)];
+    unsigned char *s, *t, *f;
+
+    if (IS_DIRSEP (filename[0]))
+	pstrcpy (fullname, sizeof(fullname), filename);
+    else {
+	pstrcpy (fullname, sizeof(fullname), pp_wd);
+	pstrcat (fullname, sizeof(fullname), "/");
+	pstrcat (fullname, sizeof(fullname), filename);
+    }
+    normalize_slashes(fullname);
+    /* Skip possible drive letter */
+    f = (unsigned char *) fullname;
+    while (*f != '/')
+	f++;
+    s = f;
+    t = f;
+    while (*s) {
+	if (*s == '/') {
+	    *t++ = *s++;
+	    while (*s == '/') {
+		s++;
 	    }
-	    if (e->hash == 0)
-	        e->hash = calc_file_hash(e->filename);
-	    if (hash == 0)
-	        hash = calc_file_hash(filename);
 	}
-        i = e->hash_next;
+	if (s[0] == '.' && s[1] == '/')
+	    s += 2;
+	else if (s[0] == '.' && s[1] == '.' && s[2] == '/') {
+	    s += 3;
+	    if (t > (f + 1) && t[-1] == '/')
+		t--;
+	    while (t > (f + 1) && t[-1] != '/')
+		t--;
+	}
+	else
+	    while (*s && *s != '/') {
+		*t++ = *s++;
+	    }
+    }
+    *t = '\0';
+
+    h = TOK_HASH_INIT;
+    s = (unsigned char *) fullname;
+    while (*s) {
+        h = TOK_HASH_FUNC(h, toup(*s));
+        s++;
     }
+    h &= (CACHED_INCLUDES_HASH_SIZE - 1);
+#else
+#define	NAME filename
+    struct stat st;
+
+    memset (&st, 0, sizeof(st));
+    if (stat (filename, &st))
+        goto  skip;
+    h = st.st_size & (CACHED_INCLUDES_HASH_SIZE - 1);
 #endif
 
     i = s1->cached_includes_hash[h];
@@ -1675,7 +1688,7 @@ static CachedInclude *search_cached_include(TCCState *s1, const char *filename,
             break;
         e = s1->cached_includes[i - 1];
 #ifdef _WIN32
-        if (e->st.st_size == st.st_size && e->hash == hash)
+        if (0 == PATHCMP(e->filename, fullname))
 #else
         if (st.st_dev == e->st.st_dev && st.st_ino == e->st.st_ino)
 #endif
@@ -1686,20 +1699,20 @@ skip:
     if (!add)
         return NULL;
 
-    e = tcc_malloc(sizeof(CachedInclude) + strlen(filename));
+    e = tcc_malloc(sizeof(CachedInclude) + strlen(NAME));
+#ifndef _WIN32
     e->st = st;
-#ifdef _WIN32
-    e->hash = hash;
 #endif
-    strcpy(e->filename, filename);
+    strcpy(e->filename, NAME);
     e->ifndef_macro = e->once = 0;
     dynarray_add(&s1->cached_includes, &s1->nb_cached_includes, e);
     /* add in hash table */
     e->hash_next = s1->cached_includes_hash[h];
     s1->cached_includes_hash[h] = s1->nb_cached_includes;
 #ifdef INC_DEBUG
-    printf("adding cached '%s'\n", filename);
+    printf("adding cached '%s'\n", NAME);
 #endif
+#undef NAME
     return e;
 }
 
@@ -3709,6 +3722,9 @@ ST_FUNC void preprocess_start(TCCState *s1, int filetype)
 
     parse_flags = is_asm ? PARSE_FLAG_ASM_FILE : 0;
     tok_flags = TOK_FLAG_BOL | TOK_FLAG_BOF;
+#ifdef _WIN32
+    getcwd(pp_wd, sizeof(pp_wd));
+#endif
 }
 
 /* cleanup from error/setjmp */