The Twelfth National Congress of the Communist Party of China was held in Beijing from September 1 to 11, 1982. Deng Xiaoping delivered the opening speech, Hu Yaobang made a report entitled "Create a New Situation in All Fields of Socialist Modernization", Ye Jianying and Chen Yun also made important speeches and Li Xiannian delivered the closing address. Under the guiding principle of building socialism with Chinese characteristics, the congress formulated programmes, principles and policies designed to create a new situation in all fields of socialist modernization. It set the strategic objective of quadrupling the gross annual value of China's industrial and agricultural output by the end of the 20th century and determined the steps for achieving this objective. It adopted a new Party Constitution and elected the members of the Twelfth Central Committee, of the newly founded Central Advisory Commission and of the Central Commission for Discipline Inspection.