China has established a government recycling fund system based on the principle of extended producer responsibility (EPR). The principle of EPR is the key to the sustainable development of waste electrical and electronic equipment (WEEE) recycling. The implementation of the recycling fund system has been facing major problems. This article proposes a plan on refining the producer's recycling target to improve the current fund system in China. With the aim to maximize the amount of WEEE recycling, minimize the overall producer's recycling cost, and providing the best supports to the recycling industry, a multi-objective decision-making model is constructed to identify the optimum producer's recycling target for WEEE. Data from the recycling fund system and EPR pilot project of the Ministry of Industry and Information Technology are used to test the model. The results show that, under the condition that the amount of recycling is equal to the current level, the levy of recycling fund can be reduced by 20%, which can effectively drive the producers to take more responsibility in the collection and recycling of their end-of-life products. The multi-objective decision-making model for producer's recycling target provides a basis for the adjustment of China's WEEE recycling fund system policy, which will alleviate the challenge at present, and involve more producers to devote in collection systems. It also shows the alternative solution for EPR in non-fund business models in the recycling industry.