It's actually as amazing that Korea beat China. This is only the 3rd time it's happened since both started competing in 1987.
I say it's far more related to culture and attitude.
The part where East Asian countries seem to consistently dominate the top ranks in recent years with top entries from substantially smaller countries like Singapore and Japan seems to suggest that it's not just a population thing. I wouldn't jump immediately to culture though, because that's a lot of distinct cultures to lump into one bucket.
[1] http://freakonomics.com/2014/02/11/predicting-the-winter-oly...