The success of China Railway High-speed (CRH) has aroused international attention, while literature on the innovation and production mode of CRH is rare. This paper makes a brief description of CRH's innovation and production process, in the perspective of complex product systems (CoPS) innovation process. Following the six steps of the CoPS innovation framework, this paper identifies and discusses the different role of the three main participating bodies during the process and reveals that the innovation system of CRH takes on a government-led, market-oriented feature which has some reference meaning for exploring CoPS management mode in concept and practice.