China Business Summit 2025: Perceptions Matter with New Zealand Story’s David Downs

David Downs, CEO of New Zealand Story, unpacks the latest China Market Perception research from New Zealand Story, revealing how Chinese consumers view their nation, and how this shapes their perception of other countries, including New Zealand. David covers what the research shows for sectors like education, food and beverage, and tech – including the need to leverage our strengths in safety and innovation, emphasise our technical capability, and tell stories that resonate with Chinese consumers.

Moderator: Tim McCready, Summit MC

The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

China Business Summit 2025: Tourism and Education turning the tide

Tourism and international education were among the hardest-hit sectors during the pandemic. While global travel has largely rebounded, New Zealand’s recovery in the China market continues to lag behind.

What’s holding us back, and how do we turn it around?

In this session, Lisa Li MNZM (China Travel Service), Professor Dawn Freshwater (Vice Chancellor, University of Auckland), Carrie Hurihanganui (Chief Executive, Auckland Airport) and Jessica Miao (United Media Solution) share insights on how the landscape has shifted, explore strategies to reignite growth, and discuss what a sustainable rebound to pre-pandemic levels looks like.

Moderator: Tim McCready, Summit MC


The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

China Business Summit 2025: Nick Mowbray and Zuru

Nick Mowbray took us inside the “Just in Time” building revolution that Zuru Tech has sparked to disrupt the manufacture of homes and commercial buildings for international markets. Zuru Tech’s flagship product, DreamCatcher, is the world’s first BIM software directly connected to automated production systems, enabling users to design, price, and manufacture buildings with unprecedented efficiency and precision.

It’s the latest chapter in the Zuru story, which began over two decades ago in Guangzhou with a toy company founded by the Mowbray siblings, now a global powerhouse in innovation and scale.

Moderator: Tim McCready, Summit MC


The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

 

China Business Summit 2025: Opening

Tim McCready and Renata Blair of Ngāti Whātua Ōrākei get the China Business Summit underway.

The 2025 China Business Summit was held on 18 July 2025 at Cordis, Auckland.
Brought to you by NZ INC. and Auckland Business Chamber.

 

AI levelling the investment field

Artificial intelligence is fast becoming one of the most powerful forces reshaping global finance.

At the annual Asian Financial Forum held earlier this year in Hong Kong, leading industry voices painted a picture of a very near financial future driven by artificial intelligence (AI), where algorithms are rapidly surpassing humans not just in speed, but in the capacity to analyse, synthesise and act on data.

“Generative AI is the single most disruptive technology that we have ever experienced in human history,” said Sinovation Ventures chair and AI expert Dr Kai-Fu Lee.

“We now have AI thinking better and faster than people most of the time for most tasks.”

Lee argued that this shift is not limited to trading desks or research teams, but that every department in a financial firm should be incorporating AI tools.

He pointed out that the number-centric nature of finance makes it especially conducive to fast, scalable deployment of AI.

“You can’t use AI to make a car instantly, but in the financial industry you are not shipping physical goods, you’re dealing with numbers.”

Lee, formerly the head of Google China, isn’t talking about a hypothetical future.

He cited an AI-enhanced market index fund backed by his venture capital (VC) firm, which allows only AI to buy and sell stocks – humans are excluded from the process entirely. He said the fund outperforms the market index by around 30% each year.

High-Flyer Capital Management, a Chinese hedge fund founded in 2016, gained attention for using machine learning to identify mispriced stocks and time trades.

Its funds have returned 151% in total (or around 13% annualised) since 2017 – a standout performance amid a volatile China market. Regulatory changes in 2024 forced the closure of its market-neutral funds, but High-Flyer’s successes continue to influence a new wave of AI-led investment innovation.

Lee described the global AI race as a tale of two superpowers: the US, leading on groundbreaking research through its culture of innovation and strength in fundamental science, and China, excelling in the practical implementation of user-facing applications.

“WeChat is better than WhatsApp. TikTok is better than Instagram,” he noted. “Chinese teams have figured out how to find product–market fit globally.”

China’s fintech firms, in particular, have been early adopters of large language model (LLMs) like DeepSeek, which received attention earlier this year for claiming performance comparable to OpenAI’s GPT-4 at a significantly lower training cost.

Lee’s message to a room full of finance professionals was direct: if your firm is not integrating AI into research, trading and operations today, it is already falling behind.

“AI should be doing most of the writing. AI should be doing most of the reading. I use AI to read all my news … to ask what the top news are today, or what are three stocks I should buy or sell,” he said.

AI removes one of the most common pitfalls for investors: emotion. Tools now allow for real-time sentiment tracking and automated triggers based on logic and data.

But not every role will disappear. Lee sees long-term investing, M&A (mergers and acquisitions) and relationship-based advice remaining human-led. What’s at risk are roles driven by short-term analysis and repeatable decision-making.

“Computer trading replaced floor traders. AI trading will replace a lot of traders today,” he says.

“So now would be a good time for people in the financial industry to upgrade their skills. Otherwise, their job will simply be replaced.”

He suggested financial services firms consider appointing a chief AI officer: someone who understands the technology deeply and can lead transformation across departments, from legal and HR to asset management.

Democratising financial access
AI has already been embedded across the capital markets landscape, with large and small financial institutions using AI not just to assist human analysts, but to automate decision-making at scale. It is powering everything from trade execution and risk modelling to real-time sentiment tracking, portfolio optimisation and fraud detection.

But Lee says this is only just the beginning.

Until recently, building sophisticated AI models required hundreds of millions of dollars in computing power. Now, models are being trained for a fraction of that cost, enabling a much broader range of financial firms to implement AI technologies.

“AI will be made available to everyone – the world will be able to build applications on top,” said Lee.

For everyday investors, this level of access may prove to be one of the most transformative aspects of AI in finance. Previously, obtaining high-quality investment advice and in-depth data analysis meant relying on costly human advisers or institutional-grade tools that were beyond the reach of most individuals.

With AI-powered market analysis assistants emerging to bridge that gap, users will be able to query the markets in plain language, analyse stock trends in real time and receive suggestions tailored to their investment preferences.

Ultimately, it is expected that these assistants will offer tailored guidance to an individual’s specific profile, factoring in things like risk tolerance and income level, but also personal values and unique financial goals.

In some markets, AI regulators have already approved AI platforms for public use. But as these tools begin offering recommendations that resemble traditional financial advice, they raise important regulatory questions around licensing, disclosure, complaint processes and duty-of-care obligations.

Financial regulators around the world are looking at how to address these issues. With the right policy and regulatory frameworks in place, AI could help democratise investing, making smart, data-driven decisions accessible to all, not just the already wealthy.

– Tim McCready was a guest of the Asian Financial Forum

 

An unexpected journey - 15 years with the Leadership Network

Tim McCready joined the Leadership Network in 2010, but his journey truly took flight two years later—in the unexpected setting of Vladivostok. That visit became the catalyst for a series of adventures: driving across Russia, travelling to Myanmar through the Foundation’s Young Business Leaders Initiative, working across Southeast Asia, and emerging as a respected voice on trade and geopolitics. In March, now 15 years into his involvement with the network, Tim shared his inspirational story at a meeting of the Foundation’s Honorary Advisers, reflecting on how the network has helped shape his life and career. What follows is the speech he delivered at that gathering.

We’ve all had moments in life that felt ordinary at the time, just another day. But looking back, you realise that moment put you on a completely different path.

For me, that moment happened in one of the last places I ever expected. But more on that in a moment.

I’ve been part of the Asia New Zealand Foundation’s Leadership Network since 2010. That involvement has given me incredible experiences: exploring Asia’s business and culture, connecting with thought leaders and future leaders, and serving as Chair of the Leadership Network advisory group.

My career has been varied. I’ve:

  • helped startups raise capital.
  • supported multinationals entering New Zealand.
  • worked with many different government agencies on strategy.
  • spent considerable time in Southeast Asia helping businesses understand regional opportunities.
  • written on trade and geopolitics for the New Zealand Herald, and emceed many of New Zealand’s highest-profile business summits.

At the heart of it, my work sits at the intersection of business, trade, and investment, helping the public and private sectors navigate an increasingly complex world.

I don’t share this to list achievements, but to show how central the Asia New Zealand Foundation has been to all of it.

And, somewhat unexpectedly, it all started not in China, Japan, or Singapore. But somewhere we don’t often think about as even being in Asia – Vladivostok, in the far east of Russia.

People often say New Zealand sits at the edge of the world. In my opinion, that edge is Vladivostok.

Remote and bordered by North Korea and China, just across the sea from Japan, it’s one of the most distant major cities from its own capital, both in geography and influence. The Asian influence there is unmistakable, shaping the city in ways that make it feel a world away from Moscow.

In 2012, the Asia New Zealand Foundation advertised an opportunity for Leadership Network members to attend APEC in Vladivostok, as part of the Voices of the Future delegation.

I think that is the one and only time the Foundation has sent anyone to Russia.

At the time, I was working for NZTE in London, leading its European investment activity. I thought I had a solid understanding of international business and trade. But suddenly I was at one of the most high-profile economic summits in the world, and it shifted everything I thought I knew.

Many of the people here tonight have attended multiple APEC summits, helping shape trade agreements and international policy and dialogue. But for me at the time, it was all new.

Let me take you back to 2012:

John Key was New Zealand’s Prime Minister. Hu Jintao was in his final few months as President of China.

Psy’s Gangnam Style was spreading around the world, introducing a new generation to K-pop

President Barack Obama was in full campaign mode ahead of the Presidential election where he was up against Mitt Romney, and because of that Hillary Clinton (as Secretary of State) delivered the US address at APEC in his place.

One of Prime Minister John Key’s top priorities while he was in Russia was to progress a Free Trade Agreement with Russia, Belarus, and Kazakhstan.

As we now know, that didn’t eventuate. After Russia’s annexation of Crimea, the FTA never progressed.

I caught up with John Key just before his meeting with Putin. We talked about the upcoming meeting, and he admitted he was a little nervous.

And that conversation taught me that trade deals aren’t just about economics.

They’re about geopolitics. They’re about relationships. They’re about the personalities of world leaders. And in many ways, we are seeing that play out now more than ever.

That experience at APEC seemed to set off a chain reaction that shaped the rest of my career.

While at APEC, I found myself in conversation with a group of business leaders and journalists, including one from the New Zealand Herald. At one point during the conversation, she turned to me and said, ‘You should write about that.’

I hadn’t considered it before. But the idea stuck. So, I gave it a go.

And since then, alongside my other work commitments, I’ve been writing on trade, investment, and international affairs, always with a strong focus on Asia.

That led to regular commentary on TV and radio, and the chance to moderate and emcee major business events both in New Zealand and also internationally.

And, eventually, attending APEC in 2012 led me to what I feel is the ultimate full-circle moment.

Fast forward to 2021, and it was New Zealand’s turn to host APEC.

This time, I wasn’t in the audience, I was curating the content for the CEO Summit – including facilitating some of the discussions that took place on stage.

The lineup included Angela Merkel, Amal Clooney, the chair of Tesla Robyn Denholm and other top business and political figures from across APEC economies.

The shift from being an audience member in Vladivostok to helping shape the dialogue on a global stage started with one opportunity when the Asia New Zealand Foundation called for applications to attend APEC.

Of course, many of you will remember that 2021 didn’t turn out to be the APEC New Zealand had hoped for. COVID had other plans. While Auckland was under heavy COVID restrictions, I was on the main stage of Auckland’s Aotea Centre, overseeing the live broadcast to a global audience.

Despite the challenges, it was a huge success and remains one of the most surreal and rewarding moments of my career.

But the Foundation hasn’t just shaped my career. It has changed how I see the world.

One of the Russian delegates at the Voices of the Future Programme at APEC in Russia – Igor – became a good friend. He visited New Zealand, we did a bit of a road trip around the country. I half-joked that we should do something similar in Russia and drive across it. He said absolutely no way – “that would be a terrible idea!”

But twelve months later, I had convinced him to do it, and I was back in Russia. Not for a summit. Not for work. But to drive across the country with Igor and another New Zealand friend of mine, in a Toyota Prius I bought in Japan and had shipped to Vladivostok.

Over five weeks, we drove 15,000km from Vladivostok to St Petersburg. Along the borders of China, Mongolia, and Kazakhstan, meeting people and seeing the country in a way no conference could ever show me.

That’s something that has stuck with me whenever I travel to Asia.

You cannot understand a country, its economy, its culture, its opportunities, just by reading reports or sitting in meeting rooms. You have to be there, on the ground.

Another important thing I wanted to highlight is that none of what I have done would have been possible without the networks I have built.

I didn’t have a strong network starting out. The Foundation gave me my first connections. It put me in rooms I never thought I’d be in and introduced me to amazing people.

A few years after my time at APEC, I travelled to Myanmar with the Foundation as part of the Young Business Leaders Initiative to connect with emerging leaders across Southeast Asia.

At the time, Myanmar was at a turning point, opening up and attempting to transition from military rule to democracy.

It felt like a nation on the brink of something new. The people I met there weren’t just interested in business, they were thinking about what Myanmar’s future could be, what role they could play in shaping it, and how we could all work together to connect Myanmar with the world.

Sadly, things have changed for Myanmar since then.

But here’s the thing: those relationships didn’t disappear.

The friendships I made in Yangon (Myanmar’s largest city) remain. Some of those people are now close friends. Some I’ve since worked with on trade opportunities between New Zealand and Southeast Asia.

Even in uncertainty, relationships endure.

That’s why I’m so grateful to the Foundation and to all those who support it. Because of your work, people like me have been able to build careers, networks, and perspectives that wouldn’t have otherwise existed.

So no, Vladivostok 2012 wasn’t a defining moment for New Zealand-Russia relations. It wasn’t even particularly a defining event for global trade.

But it was a defining moment for me.

It opened doors I didn’t know existed. It changed how I see business. And it led me to opportunities that transformed my life.

That’s the power of the Asia New Zealand Foundation.

And as Asia’s importance to New Zealand continues to grow, the Foundation’s work has never been more vital.

To everyone who contributes to that mission: thank you. You’re not just shaping an organisation. You’re shaping the future of so many people’s lives.

New Zealand Infrastructure Investment Summit 2025 (LinkedIn)

Hong Kong & Investment conversation with Anna Thomas, Summer Times (RNZ)

Listen here

I enjoyed joining Anna Thomas on RNZ’s Summer Times show this morning to chat about my recent visit to Hong Kong for the Asian Financial Forum (AFF). Our discussion covered:

📈Cautious optimism in the financial sector: Despite the uncertainty looming over markets caused by the Trump administration, there’s a prevailing sense of confidence in global markets.

🌏Markets to watch: Southeast Asia and the Middle East stood out at the Forum as hotspots for growth and investment opportunities.

🤖AI’s impact on finance: Artificial intelligence is transforming the financial sector, from predicting trends and outperforming humans, to making financial services more accessible to everyday investors.

🛍️Changing shopping trends: Many Hong Kong locals now head to mainland China for shopping, dining and even dental work – thanks to the convenience of high-speed trains and the allure of lower prices and wider options across the border.

🦢The (non-work) highlight: Of course: food! Including a comparison of budget vs. high-end roast goose. (Spoiler: the budget spot came out on top!)

Dynamic Business: FIF rules - the context has changed (NZ Herald)

Dynamic Business: FIF rules – the context has changed (NZ Herald)

Venture capitalist Rob Coneybeer underscores the connection between talent, innovation and foreign direct investment (FDI).

“While FDI is important, it is the talented individuals who drive innovation – and that innovation is what ultimately attracts investment,” he says.

Using Rocket Lab as an example, Coneybeer illustrates how founder Sir Peter Beck built an internationally renowned company by assembling a highly skilled team, with many recruited from outside New Zealand. Their collective expertise brought in global investment and helped establish New Zealand as a leader in space technology.

Coneybeer, who is managing director and founder of US-based venture capital firm Shasta, underlined the issues at the recent United States Business Summit in Auckland.

A migrant to New Zealand himself, he highlights the country’s natural advantages: political stability, its environment and a reasonable cost of living. He says these factors all make New Zealand an appealing destination for global talent, but the Foreign Investment Fund (FIF) rules turn otherwise enthusiastic innovators and investors away.

“New Zealand can have a great big bucket for foreign direct investment, but if you have this big hole in the bottom that keeps people from engaging and living here, then it’s not worth the effort,” Coneybeer says.

Revenue Minister Simon Watts recently announced a review of the FIF rules as part of Inland Revenue’s tax and social policy work programme. This has been broadly welcomed by both business leaders and policy analysts, who have long argued for reform.

Labour’s finance spokesperson Barbara Edmonds supports the review, acknowledging the FIF rules are outdated. “When the FIF rules were designed, we didn’t have the global mobility of labour that we have now. The context has changed, and people are more able to choose New Zealand as a place to work,” she says.

Edmonds – a former Labour Revenue Minister and IRD tax lawyer – says the potential fiscal loss as a result of any changes will be top of mind for the government, but “there are some elements that could be changed on the edges without it being a potential risk to revenue base”, such as adjusting the $50,000 threshold, which hasn’t changed since the rules came in.

She also points to the transition period as another area that could be considered. It is currently four years but could be extended.

Coneybeer suggests that options should be explored such as allowing individuals to voluntarily opt into a capital gains taxation instead of FIF. He argues that this approach could be revenue-neutral or even revenue-positive.

“If they had the ability to opt into realisation-based taxation on assets in lieu of FIF, then that revenue could come to New Zealand because it is already accounted for with a clear offset against US capital gains tax in the tax treaty,” he says.

Edmonds points out that the FIF rules make up part of a broader discussion on tax reform. She notes growing momentum, citing the International Monetary Fund (IMF), the World Bank, the OECD and senior business leaders who have identified gaps in New Zealand’s revenue base.

“There is an opportunity to look at the FIF rules and how they work, if New Zealand had a capital gains tax,” she says.

Green energy: A competitive edge

Reflecting on what New Zealand could lean on to attract further international investment, Edmonds told the US Business Summit that New Zealand’s renewable energy resources offer a unique competitive edge. She sees it as a foundation for addressing several of New Zealand’s challenges simultaneously: climate resilience, economic growth, and job creation.

She highlights the strategic importance of New Zealand’s clean energy advantage, particularly as companies intensify efforts to decarbonise supply chains. The ability to offer clean, renewable power positions New Zealand as a preferred location for companies looking to align operations with sustainability goals.

“New Zealand has an edge ahead of the world in renewable energy,” she says, noting that climate-related disclosures are requiring companies to track emissions through their supply chains which makes New Zealand’s high proportion of renewable energy a magnet for international businesses.

“More and more international companies, including one I met from the US just a couple of weeks ago, want to come to New Zealand and scale here because of our renewable energy sources,” she adds.

“Our high renewable energy numbers already give us a significant head start,” Edmonds says. But she stresses the importance of continued investment in energy generation, transmission, and storage infrastructure to realise this potential fully.

Foreign investment rules

New Zealand’s FIF rules are increasingly cited as an impediment to attracting global talent and investment to New Zealand. Introduced almost 40 years ago, the rules were designed to prevent wealthy taxpayers from shifting assets to offshore tax havens out of sight of Inland Revenue. However, they’ve not kept pace with modern economic realities.

Under the rules, New Zealand residents with overseas investments are taxed as though those assets generate a 5% return annually, regardless of whether they are liquid or not.

This can result in double taxation, particularly with the US, where New Zealand’s tax agreement fails to offset FIF taxes against US capital gains.

The FIF rules have significant implications for attracting skilled migrants and returning expats. Many reconsider moving to or staying in New Zealand because of the financial penalty these rules impose.

 

US Business Summit 2024: US capital – The spur for New Zealand’s growth story

Co-founder of Shasta Ventures and a 24-year veteran of venture capital, Rob Coneybeer discussed how New Zealand can position itself to attract foreign direct investment. Rob shone a light on New Zealand’s appeal as an investment destination, sharing insights into how the country could attract much needed foreign direct investment and thrive in the global market.

He was joined by Hon Barbara Edmonds, a former tax lawyer and Labour’s Finance Spokesperson, who spoke about how New Zealand can take advantage of US investment, bringing a fresh perspective on Labour’s approach to fostering stronger economic ties and capitalising on opportunities.

Moderator: Tim McCready Summit MC


US Business Summit 2024
22 November 2024 at Cordis, Auckland. Brought to you by NZ INC. and Auckland Business Chamber.