China’s foreign ministry has dismissed a Financial Times (FT) report that said Beijing is going to replace Hong Kong chief executive Carrie Lam.

Rubbishing the claim, China's foreign ministry said on Wednesday, Oct. 23 that the piece of news was a "political rumour with ulterior motives".

"The central government firmly supports Hong Kong chief executive Carrie Lam... to put an end to violence and chaos and restore order as soon as possible," foreign ministry spokeswoman Hua Chunying told a press briefing.

Lam's office said it would not comment on speculation.

FT reported that the embattled Hong Kong leader will be replaced in March 2020 with an “interim” chief executive, citing people in the know.

Sources apparently told the newspaper that the plan would be dependent on the city first stabilising so that the central government is not seen as giving in to violence.

Nearly 20 weeks of unrest and sustained criticism from protesters in the semi-autonomous city finally appeared to cause Beijing to budge with a plan of sorts to restore order.

Hong Kong's legislature on Oct. 23 formally withdrew planned legislation that would have allowed extraditions to mainland China, meeting one of the five demands of protesters.

Continues to support Lam

The Chinese central government has voiced its support for Lam and the authorities in Hong Kong, labelling the demonstrators "rioters" and condemning the violence.

One rumoured potential candidate to take over Lam, Henry Tang, who has served as the territory's financial secretary and chief secretary for administration, said in a statement that he supported the Hong Kong leader and would not comment on speculation.

The other leading candidate reportedly is Norman Chan, former head of the Hong Kong Monetary Authority.

A senior official in Beijing commented that the FT story was wrong and none of the suggested candidates listed in the story could possibly take over from Lam owing to the Basic Law, Hong Kong's constitution which came into force in 1997.

The official also said that Beijing has prepared all kinds of contingency plans for different scenarios in Hong Kong.

This included Lam’s administration losing total control of the situation.