Hong Kong ? Beijing will allow Hong Kong to directly elect its leader by 2017 and all its lawmakers by 2020, the territory’s chief executive said today.

Donald Tsang said the move was a “most important step” in the former British colony’s political future.

The government in Beijing has been debating Hong Kong’s political development and had been expected to announce its decision later today on a timetable for allowing direct elections.

Tsang, however, announced the decision during a televised news conference early today.