According to reports, Carrie Lam had the backing of the Chinese government in Beijing and was widely expected to win.
The chief executive was not chosen by public vote but by a 1,200-strong committee dominated by pro-Beijing electors.
Hong Kong is part of China but has a degree of autonomy from Beijing.
In her acceptance speech, she welcomed and encouraged a spectrum of voices and vowed to "tap the forces of the young people.
Lam also promised to uphold Hong Kong's core values such as inclusiveness, freedom of the press, speech, respect for human rights and the rule of law.
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