> Mao came quite close to abolishing Chinese characters entirely during the Cultural Revolution

This was indeed the Communists’ original plan, but the real story is more interesting. Before taking over the country the plan was to replace characters with a pinyin-like system Latinxua Sin Wenz[1] and a whole generation in the north was taught to read this. After 1949, Mao was talked out of Romanization by none other than Stalin, who told him the Chinese language deserves its own script. Pinyin was designed after that, officially as a teaching tool, but probably by people who secretly still believed in more radical writing reform.

[1] https://en.wikipedia.org/wiki/Latinxua_Sin_Wenz