Literally 'glass paper' —
玻璃 (bōli, glass) +
纸 (zhǐ, paper). The naming captures cellophane's two defining properties: paper-like (you can wrap with it) and glass-like (you can see through it). Note: cellophane is plant-based (cellulose), unlike modern plastic wrap
保鲜膜 (bǎoxiānmó, 'freshness-keeping film').