Turn based events (building, training, income, expenditure, missions) will go at the turn based rate while historical events (inventions, invasions, innovations, news) will occur at the dates set for them in the decr_events file.

Contrary to a poster's reply above, I even got the mongols to show up under 1.0 timescale before modding the game, so they should show up just fine.

If you get bored of ending turns endlessly and never getting to gunpowder age / mongol invasion /new world, do check out my sig ;)