The term 'Wucai' translates as 'five colours', though there may be more than five colours the term is often used to refer to multiple colours.
The decoration depicts 'qilin', a Chinese mythological beast. It has the head of a dragon and the body of a lion. The female beast is called 'qi', the male beast is called 'lin'. Together they are called qilin. Peonies surround the qilin, symbolising the grace and elegance of this beast.