In a liquid measuring cup, combine the water (or chicken stock), Shaoxing wine, oyster sauce, salt, sugar, sesame oil, and white pepper.
In a wok over high heat, add the oil and the asparagus. Stir-fry for 1 minute, and then add the garlic and the sauce mixture you prepared earlier. Bring the mixture to a simmer, and cook for about 1 minute, until the asparagus is just tender.
Combine the cornstarch and water into a slurry, and pour it into the simmering sauce. Stir-fry until the vegetables are coated in sauce, with just a small amount of standing liquid. Serve.