"Gung ho" is an anglicised pronunciation of "gōng hé" (工合), the shortened version and slogan of the "gōngyè hézuòshè" (工業合作社). The two Chinese characters forming the word Gung Ho are translated individually as "Work" and "Together".
As an English term, it generally is used to mean something like Work Together, or alternatively to show enthusiasm for the task. Someone who is Gung Ho is a zealot or a hard charger.
It was brought into use in the Marine Corps during WWII by Evans F. Carlson of the Second Raider Battalion who had extensive China experience. The phrase itself is from the Mandarin language and refers to the workers cooperative. It is unlikely that Carlson even understood the Communist roots of the term, and only liked the sound, using it to motivate his small band of specialists.