The full name 观世音 means 'observer of the world's sounds/cries'. It was shortened to 观音 (Guānyīn) in the Tang dynasty to avoid the taboo character 世 in Emperor Taizong Li Shimin's (李世民) personal name. Both forms remain in use today.
Arguably the most widely worshipped deity in Chinese folk religion; depicted as female in East Asia though originally male (Avalokiteśvara) in Indian Buddhism.