Hong Kong leader Carrie Lam on Wednesday formally withdrew the extradition bill that ignited months of protests in the Chinese territory over the summer.

“We must find ways to address the discontent in society and look for solutions,” Lam said in a video statement. “After more than two months of social unrest, it is obvious to many that this discontentment extends far beyond the bill.”

“For many people, Hong Kong has become an unfamiliar place. Incidents over these past two months have shocked and saddened Hong Kong people. We are all very anxious about Hong Kong, our home. We all hope to find a way out of the current impasse and unsettling times,” the chief executive added. “Let’s replace conflicts with conversations and let’s look for solutions.”

In June, Lam caved to protesters and suspended the extradition bill, which Hong Kong residents say would allow Chinese authorities to effectively “kidnap” them on little evidence, forcing them to go to trial under mainland China’s communist court system.

However, concern over the law has ballooned into a wider fear that China plans to throw out its “One Country, Two Systems” policy regarding Hong Kong.

The Hong Kong stock market jumped 4 percent at news of the bill’s withdrawal.

The protesters have made several other demands besides the withdrawal of the extradition bill, including enhanced democracy for Hong Kong and an independent investigation into police conduct, both of which Lam has refused.

Police have arrested several prominent demonstrators over the last few weeks, and China has vowed a “severe” response to the protest activities and has accused demonstrators of terrorism.

The demonstrations, which have involved over one million demonstrators and shut down Hong Kong’s international airport, have posed the most serious threat to Chinese leader Xi Jinping since he came to power in 2012.