If we are to compare records of governance forms (democratic vs. communist) and economic systems (capitalism vs. socialist). The record is not an unmitigated victory for one side, but the death toll of communist policies in Russia and even Mao's "Great Leap Forward" programs should be sufficient proof that letting Maoism die in China is the right direction.
Maoism, largely because the West has less a focus on the East than internally, sometimes doesn't think about the causes and effects of Maoism, but it was comparable in destruction to Stalinism. Maoism and its collectivist philosophy led to huge, widespread famines in the world's most populous country leading to the deaths of millions.
Yes, Maoism should be allowed to die with the emerging free market value system that can be seen in China these days. Currently, it seems Maoist principles are still being clung to on some levels. Yet we see a growing middle class in China, and the wealthy are very wealthy. With that in mind, only the Middle and Upper classes are already benefiting from a free market society, with the poor and working class still living under Maoist principles.
Maoism should be allowed to die now that China is adopting more and more free market principles. There is no reason for Maoism to persist since China is basically a captalistic country now. They have a free market economy in most senses of the word. Only central government has any communism left in it.
Maoism, contrary to what others have already mentioned, has become the new vogue for younger intellectuals which will surely lead the CPC(Communist Party of China) apparatus in the future... Moreover, Maoism is structurally at the foundation of the independent Chinese state and could be said to be part of the People Republic of China's identity more than anything, which is led by a Communist Party promoting Marxism as well as Chinese nationalism.
Maoist ideals are not solely present within China. If anything, China has let go of some of the tenets of Maoism over the last decade and if they opt to follow their current path then it may die more within the Chinese government, but at the same time other developing countries are finding favor with Maoism, so it isn't going to die completely.