Why are all fantasy novels set in some kind of medieval European setting?

So throughout high school I have always been a fan of reading fantasy novels such as: The Lord of the Rings, Chronicles of Narnia, Eragon, and many others. But for some reason, all of these have the same historical setting of a medieval Europe. How come there aren't that many fantasy works that are set in a fictional china, or set in Arabia, or India. Why is that?