维 here is an old particle with no meaning of its own, so the word is just
新 'new'. It comes from the Book of Songs, which says of the Zhou state that, old as it was, its mandate was new. From the 19th century it meant political reform:
明治维新 'the Meiji Restoration' (1868) in Japan and
百日维新 'the Hundred Days' Reform' (1898) in China.