Hong Kong Chief Executive Donald Tsang has officially announced that he will seek a second term of office.
He will be challenged by pro-democracy activist Alan Leong, but analysts say Mr Tsang is almost certain to win.
The territory's leader is chosen by an 800-member election committee loyal to Beijing - and Beijing is known to approve of Mr Tsang.
But the election, in March, will be the first time that more than one candidate has gone for the post.
Pressure for reform
"Yes, I'm ready," Mr Tsang told a press conference on Thursday morning, officially confirming that he was running for another term.
The news will come as little surprise to the people of Hong Kong, who widely expected Mr Tsang to run.
He currently enjoys high public approval ratings, partly due to a buoyant economy.
But correspondents say that while Mr Tsang may be in favour at the moment, many people are growing increasingly impatient for democratic reform.
Mr Tsang said he favoured an open democratic system and would work for a new constitution, but provided no specific proposal for how and when the territory should become fully democratic.
Since Hong Kong returned to Chinese rule in 1997, it has been governed under a "one country, two systems" system, which gives the territory a wide-degree of autonomy.
But many people want full democracy - something Beijing has promised will eventually happen, although no date has been given.
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