The pace of Shanghai's economy has been outstripping the national growth rate and reached 13.3% in 2007, the 16th straight year of double-digit growth, but the city's administration is now aiming to cool the pace to about an 8% rise rate. The booming economy comes at a price though. Shanghai has the highest cost of living in China after Beijing, although it fell in global rankings from 20th position in 2006 to 26th position in 2007, according to a survey by international consultancy firm Mercer Human Resources Consulting. It now stands only marginally behind Madrid and Sydney and ahead of cities including Barcelona, Dubai and Los Angeles.