Kenneth Wang has been announced as the deputy leader of the Act Party today.
Mr Wang said he was standing because he was alarmed at what was happening to race relations in New Zealand.
He said he stood for equal rights and one law for all and Act was the party for "new New Zealanders''.
Act Leader Jamie Whyte said Mr Wang would be campaigning nationally, and it was yet to be decided whether he would stand for a particular electorate.
They would be targeting the Asian vote, as Act was the natural party for "new New Zealanders,'' Mr Whyte said.
"It's no secret that we have lobbied to select Kenneth. Auckland Chinese have pointed out that Kenneth is a proven vote winner.''
Act had refused to join Winston Peters and the Labour Party in blaming Auckland's housing crisis on foreigners, Mr Whyte said.
"Act has always been Mr Peters' strongest opponent and it is our intention to get enough MPs to prevent Mr Peters from holding the balance of power.
"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.