The banquet was held a day after the Olympics opened at the National Stadium in Beijing. The games have been overshadowed by the pandemic and a US-led diplomatic boycott.
"I sincerely thank all governments, peoples and international organizations that care about and support the Beijing Olympic Winter Games," Xi said in a speech published by the foreign ministry.
The president said he appreciated the guests for overcoming difficulties caused by the pandemic to come to Beijing to cheer for China. International Olympic Committee chief Thomas Bach attended the banquet.
Xi concluded by raising a toast to the health of those present and their families as well as "the dynamic development of the Olympic Movement" and "humanity’s noble cause of peace and development."