Retail giants such as American Wal-mart and French Carrefour, have always prided themselves on cheap, accessible goods. But China, the reigning king of cheap goods, has a bone to pick. According to the nation's top economic planner, the two supermarkets have been lying about the price of their goods and will be fined for doing so.

The National Development and Reform Commission singled out the two retailers for either over-stating their discounts by inflating pre-discounted prices, or for charging prices higher than what was labelled or advertised.

The commission says Carrefour and Wal-Mart had engaged in such practices in various Chinese cities. The two supermarkets, and other unnamed retailers, were fined up to 500 thousand yuan.

The NDRC says the move is meant to remind and warn business operators in China to exercise self-discipline when pricing goods, and to conduct their business in an honest manner.