"Mr Peters has challenged the Prime Minister to a debate on foreign investment. If the Prime Minister declines the offer I will gladly accept it,'' Mr Whyte said.
"Labour's decision to play the race card and to seek office with Mr Peters is not only contemptible, it may keep Labour out of office for decades.''
Mr Wang said he had stood for ACT in the past three elections and had lived in New Zealand since he came here as a student almost 30 years ago.
Since then he had created his own business and provided employment for others, he said.
He is the founder and owner of Newmarket advertising and media agency Brandworks.
Mr Wang first entered Parliament when he replaced Donna Awatere Huata, who was expelled from Parliament in November 2004. He was the country's second Chinese MP but has yet to return to Parliament.