Add the corn starch and 2 tablespoons of water to a small bowl and stir to combine well, place aside. This is your corn starch slurry.

Add apricot preserves, rice wine vinegar, soy sauce, cayenne powder and 1/2 cup of water to a medium pot over medium heat.

Cook, stirring occasionally for 5 minutes.

After 5 minutes of cooking time, add corn starch slurry to the pot with all of the other ingredients. 

Simmer mixture for 10 minutes until texture of sauce becomes thickened. Cook a few minutes longer if you don't think the sauce is thick enough yet.

Remove sauce from heat when you feel that it is thick enough to be a dipping sauce. Note: the sauce will thicken a little bit more in the refrigerator. 

Store, covered in a container in the refrigerator for up to two weeks.