Step 1: Place all ingredients (except the cornstarch-water mixture) in a sauce pan. Bring to a rolling boil.
Step 2: Reduce heat to medium and let boil for 10 minutes, or until reduced by half.
Step 3: Reduce heat to low and add the cornstarch-water mixture (I didn't add the cornstarch, because found as the sauce reduced it thickened on it's own as it cooled). Stir to incorporate and continue stirring occasionally until the sauce thickens (about 2 minutes).
Step 4: Remove from heat and taste-test. You should taste "sweet" first, followed by sour, then spicy and salty notes. If the sauce isn't sweet enough, add a little more sugar. If not spicy enough, add more chili.
Step 5: Pour sauce into a small bowl or jar and serve as a condiment with chicken, fish, and seafood, or as a dip with finger foods such as chicken wings, shrimp, or spring rolls. Also makes an excellent marinade for grilled chicken, fish, or seafood.
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