经 (jīng): Originally meaning the vertical threads in a loom, this character evolved to mean “to manage,” “to pass through,” or “classic texts.” In 经济, it carries the sense of management and organization.
济 (jì): Means “to aid,” “to relieve,” or “to cross a river.” Together, 经济 (jīngjì) combines “management” and “aid” to form the modern word for “economy.”
转 (zhuǎn): A very common character meaning “to turn,” “to shift,” or “to change direction.” It clearly indicates movement and change.
型 (xíng): Means “model,” “type,” or “pattern.”
The characters combine perfectly: 经济 (jīngjì) meaning “economy” and 转型 (zhuǎnxíng) meaning “to change the model.” Thus, 经济转型 literally translates to “economy changes its model,” a very direct description of economic transformation.