Hong Kong Chief Executive Carrie Lam said she wouldn’t seek a second term, ending a tumultuous five-year tenure that saw the financial hub become more isolated due to its twin crackdowns on COVID-19 and the democratic opposition.

Lam announced her plans at a regular news briefing Monday, saying that she informed authorities in Beijing of her plan at a National People’s Congress session more than a year ago. Hong Kong’s benchmark Hang Seng Index climbed as much as 2% after her announcement.

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