The importance of the study is due to the significance of the development of the regions in the context of their differentiation and territorial concentration of the economy. The level of the investment climate, the demographic factor, the level of migration, unemployment, the development of small business, the rate of introduction of innovative developments in industrial enterprises were considered as criteria for the differences in the development of Russian regions. Particular attention is paid to the influence of negative trends on the development of eastern regions, such as low population density, remoteness from the center, unfavorable development conditions, significant population decline due to migration outflow. The problems of legal, social, financial and economic character deterring the development of the regions of Russia have been described, including the urgent problem of personnel policy on attracting highly skilled employees. Using the example of the Republic of Buryatia, we have analyzed the key issues in its development. The main directions of the state regional policy, contributing to resolving these issues, have been identified. Based on the analysis of the main approaches to the formation of the state regional policy, such as ‘equalization policies’ of the levels of regional development, the new institutional economy, the ‘growth poles theory’, we have determined the tasks, functions, and methods of state regional policy and economic regulation, forming together a set of specially organized system actions ensuring a balanced and sustainable functioning of regional systems. The foundations of strategy formation and priorities of social and economic development of the Republic of Buryatia and measures for their implementation are considered. Strategic development goals have been revealed, namely, the development of human capital, infrastructure, agricultural production system, spatial development, establishment of an institutional environment, and digitization of the economy. The article considers the scenario of social and economic development of the region, aimed at overcoming negative trends and resource constraints. A list of the main activities that allow this scenario to be implemented on the basis of maintaining existing production facilities, attracting large investors, and developing environmental territorial and sectoral clusters is proposed. We see the directions of further research in constructing a model for the development of a region and giving it the status of a territory of advanced development under the conditions of the formation of the Russia-Mongolia-China Economic Corridor. In these conditions, the region needs a policy for promoting its own strategy of participating in this program of international trade and economic integration in a trilateral format.