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For example, the Belt of Giant Strength is an item with caster level 8.
Can you craft a magic item without meeting its caster level requirement? Is it treated like all other requirements, increasing the DC by 5 if not met? Does the creator have to meet this one particular requirement?
As of magic item creation guidelines, the only step you cannot skip is the related item creation feat. Any prerequisites not met do increases the DC by 5. Having a caster level of X is not a requirement of crafting the item. The caster level is part of what determines the DC of creating the object. Also caster level can substituted with other feats, namely Master Craftsman, that allows non-casters to substitute their Craft levels in place of a caster level.
From the Magic Item Creation Rules:
Note that all items have prerequisites in their descriptions. These prerequisites must be met for the item to be created. Most of the time, they take the form of spells that must be known by the item’s creator (although access through another magic item or spellcaster is allowed). The DC to create a magic item increases by 5 for each prerequisite the caster does not meet. The only exception to this is the requisite item creation feat, which is mandatory. In addition, you cannot create potions, spell-trigger, or spell-completion magic items without meeting its prerequisites.
Therefore, if an item has a caster level as a prerequisite for crafting it, you can ignore it for a +5 to the DC of crafting that item.
Note that while the base DC to craft a magic item is 5 + that items caster level, there is not usually a caster level prerequisite for a magic item (and even if there is one as a prerequisite, it may not match the item's caster level).
This means that for a level 5 wizard with Craft Wondrous Item and Haste, despite Boots of Speed having a caster level of 10, the DC for crafting them is only 15 (base 5 + caster level of 10). It is not increased to 20 because there is not caster level prerequisite for crafting it.
