In the September 2008 Legislative Council election, Hong Kong's democrats managed to retain their veto position in the political reform process. Now, the democrats face the dilemma of what to do with Beijing's 2007 plan for Hong Kong's democratization. According to the plan, the people of Hong Kong could see the direct election of the chief executive and the entire legislature in 2017 and 2020, respectively. Although the plan is not perfect, Hong Kong's pan-democratic camp may need to adopt a negotiated approach, given the current political reality and the balance of power between local democrats and Beijing. It is suggested here that there is room for negotiation in the latter's reform plan. If some moderate democrats are willing to pursue a negotiated strategy, Beijing's political reform plan for Hong Kong stands a significant chance of being approved. Recent developments in Hong Kong indicate that such a prospect could indeed materialize.