Reclaimed water is considered to be an important alternative to freshwater to solve the imbalance between the supply and demand of regional water resources; it is also recognized as an effective tool for alleviating ecological problems caused by insufficient water flow. Yiwu City is a typical area experiencing a water shortage in southeastern China because the regional water resources are limited. In this study, the multiple water resource allocations in Yiwu City are optimized, the complex coupling model of multiple water resource allocation is established, and both the economic and ecological effects of multiple water resource allocation in Yiwu City are simulated and analyzed. The simulation results of optimizing the multiple water resource allocations show an efficient way of reclaimed water utilization in this typical Chinese city. In order to ensure the future economic and social development of Yiwu City, it is necessary to introduce reclaimed water into different fields, such as residential water, industrial water, agricultural water, and environmental water. Reclaimed water has also proven to have a high capability for pollutant control and reduction, which is also important to the ecology and environmental protection.

In this study, the theory of equilibrium water prices is constructed and practiced based on previous research on cooperative game technology and the water price system. The equilibrium water price utilized in this study emphasized solving the unbalanced and unsustainable water supply system, including the reclaimed water resources and the current water price used in numerous Chinese cities. Safety, affordability, and sustainability become the key factors of the equilibrium water price system, which is operated and analyzed in a typical city in southeastern China. The cooperative game model of equilibrium water price is solved by game technology, considering various factors such as the price strategy, the water supply quantity, and the local water demand. The practical application shows that the theoretical system can effectively solve the problem of water price formation mechanisms after the unified allocation of different types of water resources. It not only enhances the enthusiasm and initiative of the public in the utilization of reclaimed water, but also plays an important role in the rational utilization of multiple water resources for different purposes by introducing a reasonable water price ratio and local water resource allocation.