How to decode QString containing Unicode escape sequences?

[Zingam]

I'd like to read the text() of QLineEdit that could contain characters encoded as Unicode escape sequences.
Example: "Faction name: \u2662 \u8f1d \u2662". That I want to decode and display as proper characters in a QLabel.

Is there an easy way to do it with standard Qt functions?
Well also other alternatives would be interesting too: C++ and Python.