Heat the oil in a medium saucepan over medium heat. Once hot, add the garlic, chopped ginger, and chili. Sauté for 1-2 minutes or until fragrant.
Next, add the water, white vinegar, sriracha, sugar, and salt. Let simmer for 3-5 minutes.
Dilute the cornstarch in two tablespoons of water. Add the cornstarch to the saucepan and stir using a wooden spoon. Keep heating for 1-2 more minutes, or until the sauce has thickened.
Transfer to a serving bowl and let cool completely before using. Use it as a dipping sauce for egg rolls, fried dumplings, nuggets, samosas, and more!
This sweet and sour chili sauce will stay in the refrigerator for up to one week.