Although Chinese cable makers have grabbed about 32 percent of the global market share, the overcrowded domestic cable market, consisting of more than 7,000 cable plants, urgently needs consolidation to boost margins and international competitiveness, sources said.

"We see China at a point of consolidation, with standards and quality becoming very important," said Gregory Kenny, president and CEO of General Cable Corp on Thursday, referring to China's cable market.

General Cable makes copper, aluminum and fiber optic wire and cable products.

Kenny said his company is figuring out where in China General Cable should participate. The Kentucky-based company is looking to enlarge its presence in the China cable market.

The global cable market is valued at $175 billion, and China's 32 percent market share is the largest.

General Cable posted $6 billion in net income in 2012, and the company has a sales target this year of $7 billion, with 35 percent of that coming from emerging countries, Kenny said.