To prepare the fish, place the fish skin-side down on a cutting board, then make parallel cuts lengthwise, slicing down toward the skin without cutting through, about ½ inch apart; turn and slice crosswise at an angle to create a crosshatch (blooming) pattern, then in a bowl whisk the eggs with salt and white pepper and coat the fish evenly, and dredge the fish in cornstarch until fully coated.
To fry the fish, in a deep pot heat the cooking oil over high heat to 350°F (177°C), then add the fish skin-side up and fry for about 3 minutes until lightly golden, remove and let it rest briefly, then increase the oil to 375°F (191°C) and return the fish to fry for about 2 minutes until crispy, and remove and drain.
To make the sauce, in a saucepan combine the water, ketchup, rice vinegar, sugar, and peas and bring to a simmer, then in a small bowl mix the cornstarch with water to form a slurry and stir it into the sauce and cook until thickened.
To serve, place the crispy fish on a serving plate, then pour the sweet and sour sauce over the top or serve it on the side and serve immediately.