Yoshikami: China's Headwinds  Apartments in China Apartments in
China  Much has been talked about regarding China and its
emerging presence as a dominant world force. We believe that the
seeds have been sown for China to be a global leader in economic
activity for decades to come.  But before becoming too euphoric
about the prospects for this economic giant, we should recognize
that China does face headwinds.  There is no doubt that China is
a growing economy. With a current growth rate of approximately
8%, it far outpaces Western economies in terms of actual GDP
growth. But below the surface, there are structural problems
that need to be recognized. We carefully assess these trends as
we make investment decisions.  Here are a few items of concern
about China:  1. China's demographic problem: China’s one-child
policy has led to an aging population. As this older population
continues to age, China will be required to spend more money on
health care infrastructure and other social services. One might
argue that