4.12pm President Xi and Madame Peng depart Macquarie Wharf for Mt Wellington before departing the state.
The roads to the mountain have been closed off.
The whirlwind visit is now an hour behind schedule.
The Tasman Bridge will be closed at about 4.45pm for half an hour to allow President Xi to return to the Hobart Airport, potentially creating delays during peak hour traffic.
1.50pm: President Xi and Madam Peng are soon to arrive at Hobart's Macquarie Wharf.
Shortly after 2pm, Mr Xi and Prime Minister Tony Abbott will witness the signing of a memorandum of understanding between the two countries on greater cooperation in Antarctic affairs.
They will also tap into a video conference with the countries' Antarctic bases, speaking with station leaders to get an insight into life on the icy continent.
The official party will then inspect the 15,000 tonne Chinese icebreaker Xue Long, which is docked at the Hobart site.
The ship's captain and crew are busy preparing for the momentous visit, while Antarctic officials and delegates gather inside the wharf building.
From Tasmania's Antarctic gateway, Mr Xi and Madam Peng will be whisked away on a private tour to the summit of Mt Wellington.
With near perfect conditions, the view from the top should be incredible.
1.30pm: The President meets with Prime Minister Tony Abbott and Mr Hodgman to discuss TasInvest
Next stop: Macquarie Wharf to attend a showcase of Australia-China Antarctic cooperation and to finalise a Memorandum of Understanding
12.30pm: The President and Madame Peng, Lieutenant Governor Alan Blow, Premier Will Hodgman and Mrs Hodgman attend an official luncheon in the Government House ballroom.
Abalone from East Coast Tasmania
Pinot and baby poached fillet of beef
Confit Atlantic salmon with golden delicious apples wrapped in Woodbridge Applewood cold smoked ocean trout, Ashbolt olive oil
A ballotine of quail studded with truffles
Hellyers Road Peated Whisky, Anise myrtle and honey chocolates
12.21pm: The Scotch Oakburn College pupils have planted a Yulan magnolia tree with President Xi on the lawns of Government House.
The students recited some Mandarin phrases for the president and presented gifts.
12.20pm The President and Madame Peng met with members of the Bacon family, followed by a meeting with Tasmanian government ministers.
The late premier Jim Bacon formed a friendship with President Xi.
12.07pm: President Xi has been welcomed to Government House by dignitaries, children and cute and cuddly animals.
Tasmanian devil joeys from Bonorong Wildlife Sanctuary will greet the president and Madame Peng.
Students from Scotch Oakburn College have brought peacock feathers from Cataract Gorge, which drew a mention in President Xi's speech to Parliament yesterday.
Prime Minister Tony Abbott will join President Xi and Premier Hodgman for lunch at Government House.
President Xi will also meet with members of the family of former Premier Jim Bacon.
11.50am: The President and Madame Peng have arrived at Government House.
11.33am: President Xi shook hands with some very excited schoolchildren, and is now being whisked away in a convoy to Government House.
There he will have lunch with Mr and Mrs Hodgman and Chief Justice Blow and Mrs Blow.
President Xi and Madame Peng will also plant a tree with pupils from Scotch Oakburn College.
11.28am: President Xi Jinping has been greeted by Chief Justice Blow and Premier Hodgman, and is now being presented with his very own Bobbie the Bear.
11.22am: Waiting at the airport for President Xi and Madame Peng Liyuan - alongside Bobbie the Bear - are Premier Will Hodgman and wife Nicola Hodgman, Lieutenant Governor Justice Alan Blow and wife Margaret Blow, police commissioner Darren Hine and Chinese Consul-General Song Yumin.
They are joined on the tarmac by dozens of excited schoolchildren waving Chinese and Australian flags.
11.12am: The President's plane has touched down in Hobart. One of Tasmania's favourite icons, Bobbie the Bear, was there to greet him.
10.45am: Leading businessman Andrew "Twiggy" Forrest says Tasmania is having one of the great days of its history with the impending visit of Chinese President Xi Jinping.
Mr Forrest said the eyes of the world would be on Tasmania when President Xi touches down in Hobart this morning.
"He wants to lift his country, he's getting out and doing it and that is a huge opportunity for Tasmania," Mr Forrest said.
Mr Forrest said President Xi and Premier Will Hodgman had a lot in common.
"They're both good blokes, they both love their country and they're both out to do business together," the mining magnate said.
"In all the great days in Tasmania history, this has got to be right up there."
Mr Forrest was on hand as Mr Hodgman and Deputy Premier Jeremy Rockliff signed a Australian-Sino 100-year agricultural partnership.
The agreement aims to establish Australia as a key food supplier to China.