Might have to do something fun like this with some escaping:
Names Default To Here(1);
input_str = "\u4e01\u516c\u85e4";
uni = "\[\!U]\";
quotationmark = "\!"";
converted_str = Eval(Parse(quotationmark||Substitute(input_str, "\u", uni)||quotationmark));
Show(converted_str);
There might (or might not) be easier way to do this, this idea is from +Re: Column Formula to convert Unicode to symbol by @Craige_Hales
-Jarmo